HTC Sells Back Beats Electronics For $265M

The beleaguered phone company sold its remaining stock in Beats electronics today in a bid to shore up its cash balances. HTC had bought 50.1% of Beats Electronics in 2011 but sold back half of that the next year; according to Tech Crunch,

As of right now, HTC is a perilous situation. The company’s sales revenue is down, profits are down, operating cash flow is now negative and more than a few pundits have already written the company off (or are close to doing it). Worse yet, the HTC One is nearly universally praised as the best Android phone available, yet the sales numbers do not reflect the title. They built the phone everyone wanted, yet can’t get anyone to buy it.

Check out the full article here.

(image via the unlockr)