HTC posts worst-ever earnings in Q1 as profit plummets 98%

HTC Earnings Q1 2013

Struggling smartphone vendor HTC (2498) on Monday said that expects to report its lowest quarterly profit on record for the first quarter of 2013 as the full impact of the delayed HTC One launch finally takes shape. The Taiwan-based vendor reported unaudited earnings for Q1 2013, during which net profit totalled just $2.8 million, down a shocking 98% year-over-year, on $1.4 billion in sales. HTC pointed to the delayed release of its flagship HTC One smartphone as the cause of its catastrophic quarter. The company stated earlier that it had trouble sourcing certain components for the phone, resulting in delays. The One will now launch later this month and go head-to-head with Samsung’s (005930) Galaxy S4, sales of which are expected to total 20 million units during the phone’s first two months of availability.

Source:
HTC
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