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HTC Quarterly Profit Down by 90 Percent
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Taiwan's HTC has confirmed earlier profit warnings and posted a 90% fall in its fourth-quarter profits, which fell to US$33 million from US$366 million a year earlier.
Revenues for the three month period also fell sharply to US$2.02 billion from US$3.48 billion in 2011.
Despite the sharp falls in performance, the company remained bullish in its statement.
"We continue to focus on the most important element of our business: innovation," said Peter Chou, CEO of HTC. "Our teams are delivering beautifully designed phones, containing the newest technological advancements. Outstanding products, paired with improvements in our marketing execution and overall readiness give us reason to feel optimistic about the progress we will make in 2013."
The company also lowered its forecast for the current quarter for revenues of US$1.7 to US$2 billion, and the profit margin will fall further to below 1 percent.
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