HTC profit tumbles 79% in Q3 as struggles continue

HTC Q3 2012 Earnings

Taiwan-based HTC (2498) posted third-quarter earnings on Friday that show a continued decline for the struggling smartphone maker. After a record run in mid-2011 came to an abrupt end when Apple (AAPL) launched the iPhone 4S, the company has struggled to compete in a market dominated by Apple’s iPhone and Samsung’s (005930) numerous Android-powered Galaxy smartphones. In the third quarter, HTC’s net profit tumbled 79% to $133 million, making Q3 its least profitable quarter in six years. Revenue dropped 48% year-over-year to $2.4 billion. HTC has at least one flagship device launching in the U.S. ahead of the holidays, however it will be going up against the likes of Apple’s iPhone 5 and Samsung’s Galaxy S III and Galaxy Note II smartphones.

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