HTC’s Profit Drops 70%
HTC’s profit has dropped 70%, which is the largest profit drop they have had since listing a decade ago. The cause of the profit drops is because HTC has been facing intense rivalry from Apple and Samsung.
The company’s first quarter net income was NT$4.46 billion ($151 million), which is a 70% drop from the year before. HTC “dropped the ball” on a new product line said HTC Chief Financial Officer Winston Yung this past February.
The company’s revenue dropped 35% to NT$67.8 billion. The company no longer provides shipment numbers and they are scheduled to update their second-quarter guidance later this month.