Finally, some good news for HTC. The company's stock has gone up in value for the first time in over a year after it announced a new share buyback program, Bloomberg reports. The Taiwanese smartphone maker announced today that it plans to buy back 15 million shares—valued at $145 million—of the company between now and Oct. 4. The news quickly boosted HTC's stock price by seven percent before it hit the daily market limit.
The news comes shortly after HTC's stock fell to its lowest value in almost eight years after the company predicted dire earnings for its third fiscal quarter, which will end on Sept. 30. However, the buyback "shows the company's determination to stabilize the stock price and boosts investors' confidence," according to a new report from Yuanta Investment Consulting.
One other theory behind HTC's new buyback, however, is that the company's owners are preparing to put the struggling OEM on the market. According to Alice Sun, a respected Chinese analyst at EE Times, HTC chairwoman Cher Wang is ready to sell off the company. Sun sparked the rumor on Chinese social media site Sina Weibo before deleting the post "for some peace and quiet."
HTC was quick to deny the rumors, telling Engadget that it is "committed to innovation and will continue to deliver new designs and products" in an official statement.
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