HTC's third-quarter earnings paints a dire picture for the phone maker's ongoing profits, as the Taiwanese giant has once again performed below analyst expectations and company forecasts.
The world's fifth largest smartphone maker today said that its third-quarter profit fell by 79 per cent year over year, as it continues to struggle in the face of its competitors' devices and sharper sales.
HTC reported third-quarter total revenue of 70.2 billion Taiwan dollars (US$2.39 billion), down from 91 billion Taiwan dollars (US$3.04 billion) in the second-quarter — a drop of more than 20 per cent — and down from 135.8 billion Taiwan dollars (US$4.5 billion) a year ago.
In August, the company had said that it expected its third-quarter revenue to be in the region of 70 billion Taiwan dollars (US$2.38 billion) to 80 billion Taiwan dollars (US$2.73 billion), compared to the revenue of near 91 billion Taiwan dollars in the second-quarter.
Analysts had, however, expected the company to earn around 84 billion Taiwan dollars (US$2.9 billion) during the third quarter.
All in all, the firm kept quiet on everything else. HTC's third quarter in 2011 was healthy and record breaking for the company. But since then, the phone maker has struggled to keep up with the competition after a relatively successful 2011.