Revenue decreased by 60 percent when compared to the same period in 2011.
Taiwanese manufacturer HTC has revealed its October financial results with a substantial drop in revenue largely due to lackluster smartphone sales.
HTC's report for October 2012 confirmed that revenue for the month was $588 million, which represents a considerable decrease of 60 percent when compared to the same period last year where revenue stood at $1.5 billion.
While the firm refused to divulge into what exactly caused the drop in revenue, it's expected that consumers have been waiting for HTC's Windows Phone 8 devices, as well as its forthcoming One X upgrade.
HTC is preparing to launch three new products to the global market : the HTC One X+ and its WP8 devices, the HTC 8X and HTC 8S. The company is also due to release its 5-inch 1080p HTC J Butterfly.