Taiwanese mobile phonemaker HTC's net profit in the fourth quarter of 2012 has dropped 91 percent year-on-year.
In a Taiwan stock exchange filing, HTC said its net income after tax for quarter ending December 2012 was NT$1 billion (US$34.4 million), a fall from NT$11.02 billion (US$379.5 million) in the fourth quarter of 2011.
According to a Reuters report Monday, HTC's results fall misses forecast. The newswire's poll cited 18 analysts forecasting a net profit of NT$1.47 billion (US$50.6 million) in the quarter.
HTC revenues were at NT$60 billion (US$2.1 billion) in the last quarter of 2012, a decline compared to its revenues of NT$101.4 billion (US$3.5 billion) in same period in 2011.
In an interview with The Wall Street Journal early this year, HTC CEO Peter Chou admitted that the the company had a bad year with failed marketing efforts and competitors proving "too strong". However, Chou was optimistic and believes that the worst was over. "2013 will not be too bad," he said.
HTC has fallen from its days as Google Android's poster boy when it was the first company to build Google's flagship Nexus smartphones in 2010. In June 2011, Chou that HTC was the largest developer of Android, after Google.