Taiwan smartphone manufacturer HTC Corporation's quarterly profits for the fourth quarter of 2012 missed its expected target, and plummeted 91 percent from the same quarter a year ago. The manufacturer is suffering from continued strong iPhone releases, and pressure from a large range of Samsung Android-powered phones occupying the same market segment that HTC does.
Profit from October through December was T$1 billion ($34.5 million), down from T$11 billion ($344.8 million) in the same time frame from 2011. HTC did not further break down or explain the results. Analysts expected a net profit of T$1.47 billion ($50.7 million) on the quarter.
HTC is rumored to be preparing a new flagship phone in the first quarter of 2013, which may buoy the company's profits -- at least temporarily. "The new phone could have a first-mover advantage for one to two months before Samsung launches its Galaxy S4 in April, but in the long run, it's difficult to beat Samsung's phones," said Daiwa Capital Markets analyst Birdy Lu.
The Taiwanese stock market closed before the results were released. The stock has fallen over four percent in after-hours trading since the announcement.