HTC announced today that its third quarter profits declined by 79 percent and missed forecasts. The reasoning given is that its flagship devices haven’t been able to match the Apple iPhone and Samsung’s Galaxy series of smartphones. Its July-September net profit was reported at T$ 3.9 billion down from T$18.68 billion in the same quarter last year.
While earnings were expected to drop to around T$5.57 billion, they were significantly lower. In comparison, competitor Samsung Electronics has reported profits nearly double of last year. HTC announced new Windows Phone based models and an updated version of its flagship, the HTC One X+, but they aren’t expected to help much in increasing its market share according to Yuanta Securities analyst Dennis Chan in Taipei.
[Via – Reuters]