HTC Q3 misses targets, continues to quietly sink

Summary:The Taiwanese phone maker continues to sink quarter-on-quarter as the firm fails to compete against its rivals in the smartphone space.

HTC's third-quarter earnings paints a dire picture for the phone maker's ongoing profits, as the Taiwanese giant once again performs below analysts' expectations and company forecasts.

The world's fifth largest smartphone maker said today its third-quarter profit fell by 79 percent year-on-year as the firm continues to struggle in the face of its competitors' devices and sharper sales.

HTC reported third-quarter total revenue of NT$70.2 billion ($2.39bn), down from NT$91 billion ($3.04bn) in the second-quarter  -- a drop of more than 20 percent -- and down from NT$135.8 billion ($4.5bn)  a year ago  -- dropping by almost one-third at the same time last year.

The firm said in August that it expected its third-quarter revenue to be in the region of NT$70 billion ($2.38bn) to NT$80 billion ($2.73bn), compared to around NT$91 billion in the second-quarter.

Analysts had expected the company to earn around NT$84 billion ($2.9bn) during the third-quarter.

All in all, the firm kept quiet on everything else. HTC's third-quarter of 2011 was healthy and record-breaking for the firm, but since the phone maker has struggled to keep up with the competition after a relatively successful 2011. However, October came and went and the iPhone 4S powered through the smartphone market and Samsung stormed even ahead of Apple with its range of Galaxy devices.

Topics: HTC, Smartphones, Tech Industry

About

Zack Whittaker writes for ZDNet, CNET, and CBS News. He is based in New York City.

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