HTC 1Q Profits Dive 70% as Competition Heats Up

By Features FOXBusiness

Slammed by increased competition from rivals like Apple (AAPL) and Samsung, phone maker HTC suffered a 70% plunge in first-quarter profits and posted its lowest earnings since 2006.

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The Taiwanese electronics company said it earned NT $4.46 billion (US$151 million) last quarter, compared with a profit of NT$14.83 billion the year before. The results mostly met expectations from analysts.

HTC said its quarterly sales tumbled 35% to NT$67.79 billion, falling within the company’s projection of NT$65 billion to NT$70 billion.

HTC’s results reflect a rise in competition from a slew of other phone makers, including Apple, Motorola Mobility (MMI), Nokia (NOK) and Samsung.

HTC, which doesn’t issue a shipment forecast, is set to give analysts financial guidance later in April.

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