HTC quarterly net profit falls by 79 percent

HTC logoHTC said its Q3 2012 net profit fell by 79 percent, slipping the world’s fifth-largest smartphone maker further behind Apple and Samsung.

The company said in a short statement on its website that its unaudited third-quarter net profit was T$3.9 billion ($133.17 million), down from T$18.68 a year ago. While analysts expected HTC’s earnings to fall, HTC did worse than what was expected.

"Before we turn more structurally positive, we would like to see its flagship models contributing a large portion of its business, as its strategy of reducing its number of models leaves it much in need of a hit model for 2013,” wrote Robert Yen, a Goldman Sachs analyst, in a research report quoted by Reuters.

While the company has been bolstered in recent years by selling Android phones and partnering with Google in legal battles against Apple, HTC has more recently bet its future on Windows 8 phones.

“HTC’s newly launched smartphones will not be a game changer for the company,” Richard Ko, an analyst at KGI Securities Co. in Taipei, wrote in a Sunday report yesterday (as quoted by Bloomberg). “Competition in the smartphone space remains intense across all segments. We believe Apple and Samsung will continue to lead on brand, distribution channel, scale, and cost.”

Source: Ars Technica

Tags: HTC

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