4/6/2012 8:00:00 AM
HTC has poor first quarter as profits slump
HTC has reported a gloomy set of figures for its first quarter of 2012, with net income after tax plummeting by almost 70%.
Sales were NT$67.79bn (£1.45bn) for the first three months of the year, down 34.92% on 2011. Net income after tax was NT$4.46bn (£95.4m), down sharply from its earnings of NT$14.83bn (£317.2m) for the same period in 2011.The manufacturer had been predicting a poor set of results although net income after tax was lower than the NT$4.62bn (£98.8m) predicted by analysts.
HTC recently launched its One series of smartphones, which it sees as the cornerstone of its fightback strategy and is backed in the UK by its biggest marketing campaign to date. Speaking in February, HTC's CFO Winston Yung said the company had been guilty of making mistakes. He said: 'The sales we had originally expected for our high-end phones did not really materialise ... our product offering in the fourth quarter could have been better.'
Editor: Graeme Neill