Firm experienced 79 percent decrease in profits during third quarter.
Smartphone manufacturer HTC has blamed 2012's lackluster performance in the smartphone market on a lack of marketing. Speaking to The Wall Street Journal, HTC CEO Peter Chou said he believes the "worst for HTC has probably passed."
"Our competitors were too strong and very resourceful, pouring in lots of money into marketing," he said, referring to the company's struggle to succeed in the smartphone market last year. "We haven't done enough on the marketing front."
Although HTC experienced a solid 2011, sales and market share failed to reflect the same success the following year. Back in October of 2012, the company announced a 79 percent decrease in profits since 2011.
The Taiwanese firm, which lately promised better smartphones due to its licensing agreement deal with Apple, reported its lowest quarterly net profit figures since 2006. It made $133 million during 2012's third quarter; comparatively, it made $633 million during the same period in 2011.
HTC is currently said to be working on its high-end, quad-core M7 smartphone, which is set for a CES reveal this week. The firm is also rumored to be preparing two Windows RT tablets, including the first 7-inch tablet powered by Microsoft's OS.