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HTC profit plummets 58% in Q2


HTC on Friday reported disappointing unaudited second-quarter earnings that showed a huge drop in profit as the struggling smartphone maker’s woes continue. The Taiwan-based vendor said it earned approximately NT$8.90 per share in the second quarter for a total profit of NT$7.4 billion, down 57.8% from NT$17.52 billion in the second quarter of 2011, on NT$91 billion in sales. HTC beat revenue estimates in the second quarter last year when it managed sales totaling NT$124.4 billion. HTC cited customs issues and slower than expected sales with its disappointing performance. The company’s brief earnings statement follows below.

HTC RELEASES UNAUDITED RESULTS FOR 2Q 2012

Taoyuan, Taiwan – July 6, 2012 – HTC Corporation (TWSE: 2498), a global leader in mobile innovation and design, today announces unaudited consolidated results for 2Q 2012. For the second quarter of 2012, total revenues reached NT$91.0 billion. Unaudited operating income was NT$8.2 billion, net income before tax was NT$8.9 billion, net income after tax, excluding minority interest, was NT$7.4 billion, and unaudited earnings per share after tax were NT$8.90 based on 831,227 thousand weighted average number of shares.

Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.