Ars Technica reported on how standing still caused HTC to lose half of its market cap in four months.

Have you heard about HTC lately? 2015 is shaping up to be an awful year for the company. In March the company had a market cap of $4.06 billion, and today—only a few months later—it’s worth less than half of that. The stock price, at about two bucks a share, is at a 10-year low. HTC just wrapped up the second quarter of 2015, where it posted a net loss of $258 million. And the trend is downwards—year over year, HTC’s monthly revenue was down 38% in April, 48% in May, and 60% in June. Will July be even worse? HTC is back to being that struggling OEM that feels like it could be permanently knocked out of the race at any time. There’s even been talk of the company being acquired.

The race to the bottom is always ugly.