HTC cuts 09 revenue f'cast on product delay

TAIPEI, July 31 (Reuters) - HTC (2498.TW), the world's No. 4 smartphone brand, drastically lowered its 2009 revenue forecast on Friday, citing a delay in the launch of new products and a faster-than-expected fall in unit shipments

HTC now expects revenue this year to fall by a low to mid-single digit percentage, compared to its previous forecast for growth of about 10 percent, the company said in a statement.

It also said it expects gross profit margins in the third quarter and the full year to clock in at about 32 percent, in line with its previous guidance even amid increasing competition in the smartphone sector.

It gave its outlook after the Taiwan stock market closed on Friday. Its shares closed down 0.11 percent, compared to a 0.72 percent advance on the benchmark TAIEX share index .TWII.

(Reporting by Kelvin Soh; Editing by Jonathan Hopfner)