HTC looks to the low end for smartphone growth

Smartphone maker HTC has been struggling to compete in the smartphone market as Samsung, Apple, and others continue to take the lion's share of profits in the smartphone realm. HTC has announced that it will begin to look to the lower end of the market for its profits. HTC plans to expand its range of cheaper smartphones.

HTC admits that it needs to sell more mid-tier and affordable smartphones after it's profits and market share slumped in 2013. HTC has been hit hard the last two years with shrinking market share that has seen its stock price tumble 80% over that period.

HTC co-founder Cher Wang admits that last year the company only concentrated on its flagship devices and therefore missed a big part of the mid-range market. HTC wants to sell more products on the retail market with prices in the $150 to $300 range. HTC plans to target emerging and developed markets with devices in that range.

HTC won't vacate the high-end market though; the company also plans to offer smartphones this year that sell in the high-end at over $600. HTC doesn't plan to target the really low-end market for smartphones. HTC has announced plans to launch a new flagship smartphone, but hasn't offered details on the device yet.

SOURCE: Reuters