HTC, the world’s fifth biggest phone maker, has suffered a 79% crash in quarterly profits as the popularity and marketing muscle of Apple and Samsung continue to squeeze out smaller rivals.
Third quarter net income plummeted to 4.9bn New Taiwan dollars (£104m) in the three months to the end of September, from NT$20bn in the same period last year, according to unaudited results published on Monday night. Revenues were down 48% to NT$70.2bn, well below analyst expectations of NT$75bn.
Only a year ago the Taiwanese company was enjoying a record quarter with revenues of NT$136bn, thanks to bestselling handsets including the HTC Desire and Sensation.
