HTC Profits Fall 79% in Climage of Stiff Competition
With rivals Apple and Samsung increasing their presence in the ever-competitive smartphone market, HTC has announced a 79 percent decrease in profits since last year.
The Taiwanese company reported its lowest quarterly net profit figures since 2006. The firm made 3.9 billion New Taiwan dollars ($133 million) in the third quarter, which is a steep decrease from the NT $18.64 billion ($633 million) it made in 2011.
Revenue, meanwhile, also experienced a decrease to 48 percent, equaling NT $70.2 billion from NT $135.82 billion last year.
HTC was once the largest smartphone maker by shipments via Google's Android platform back in 2010. However, due to the emergence of Samsung through its flagship Galaxy smartphone line-up and the always popular Apple iPhone, the company's profit has since dropped continuously.
As for the Galaxy S3, the smartphone has sold over 20 million units thus far, with Samsung expected to record over $7 billion in profit in the third quarter. The iPhone 5 itself hasn't been doing too bad, either: the latest iOS device sold over 5 million units over its launch weekend.