Innovation is a lot like love, everyone knows when it happens, but nobody really knows what it is - Dean 'Mr Segway' Kamen
THINGS AREN'T LOOKING QUITE AS ROSY for HTC as they are for arch rival Samsung, as the firm has posted a 58 per cent decline in profits.
The Taiwanese phone maker posted second quarter revenue of $3.04bn and a $247.7m quarterly profit, a dip of 57.8 per cent year-on-year. This announcement comes as competitor Samsung posted a record £38bn quarterly profit as the sales at the firm's mobile division continue to grow.
HTC has blamed the drop on weaker than expected European smartphone sales, alongside its ongoing legal battle with Apple that saw HTC devices held at customs for alleged patent infringement.
However, HTC had predicted that it would see a return to form with its second quarter financials thanks to the launch of its flagship HTC One series.
The company was anticipating bumper second quarter revenues of $3.56bn, but it looks like HTC has struggled with stiff competition from the Samsung Galaxy S3 and Apple Iphone. µ
Sign up for INQbot – a weekly roundup of the best from the INQ