HTC reports drop in quarterly profits
October 18, 2012 Category Uncategorized
HTC Corp, Asia’s second-largest smartphone maker, posted a record 79% drop in quarterly profit as competition from Samsung Electronics and Apple drove down sales of the company’s devices. Third-quarter net income slumped to NTD3.9 billion, the Taoyuan, Taiwan-based company said. HTC, maker of the One, Sensation and Desire handsets, lacked a “sense of urgency” while “bureaucracy crept in,” Chief Executive Officer (CEO) Peter Chou said in an e-mail to employees in August. Kevin Chang, Analyst at Citigroup in Taipei said “HTC is likely facing further share loss in the U.S. and Europe” in the fourth quarter. “While HTC was doing well in China in the third quarter, we believe the dramatic price declines and performance improvements of white box smartphones have dampened HTC’s momentum in China.” Third-quarter revenue fell 48% to NTD70.2 billion, while operating income slumped 76% to NTD4.9 billion, according to HTC.
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