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HTC Replaces CFO, Shares Tumble Ahead of Samsung Galaxy S III Announcement

HTC Stock Drop

Shares of HTC stock fell 6 percent Tuesday following the firm’s decision to replace its CFO and amid fears of Samsung’s impending Galaxy S III announcement. “When a company changes its CFO, it often indicates that the company’s operations or financials have reached a bottleneck,” Tom Tang, a vice president at Masterlink Investment Advisory, explained to Reuters. That’s purely speculation, however, since HTC didn’t say exactly why it was replacing its CFO.

Winston Yung, the company’s former chief financial officer, was replaced by Chia-Lin Chang who once served as an engineer with Motorola and a partner at Goldman Sachs.

HTC announced its flagship family of smartphones, including the One X, One S and One V, during Mobile World Congress last month. The One X is already available in international markets and the One X and the One S are largely expected to hit AT&T and T-Mobile, respectively, in the coming weeks. Sales in Western Europe for the One X haven’t been incredible, according to Pacific Crest analyst James Faucette.

Worse, Samsung just announced on Monday that it will hold a press conference in London on May 3rd during which it’s largely expected that the South Korea-based company will unveil its highly anticipated Galaxy S III smartphone. Samsung’s Galaxy devices have been huge successes in the past and we’re predicting the Galaxy S III will be its most successful launch yet.  HTC will need to take Samsung’s next generation device head-on, and it will also need to compete against Apple’s new iPhone, which could launch as soon as this fall.

[via Reuters]

Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...