TAIWANESE PHONE MAKER HTC has reported a 79 percent drop in profits for the third quarter, as it continues to struggle to compete against Apple and Samsung.
HTC reported (PDF) revenues of $2.397bn for the three month period, down from just over $3bn from the second quarter and off 48 percent year on year, a clear sign that the company has struggled to lure customers away from the Samsung Galaxy S3 and Apple Iphone 5.
These numbers saw HTC post a record 79 percent decline in net profit, falling short of its third quarter forecasts.
HTC didn't comment on how it expects to improve its fortunes going forward, but the company has a lot riding on the HTC Windows Phone 8X and 8S handsets developed in partnership with Microsoft as its flagship Windows Phone 8 smartphones.
The company is also hoping that its latest Android smartphone, the HTC One X+ manages to win customers over with its 1.7GHz quad-core CPU, Android 4.1 Jelly Bean operating system and 64GB of built-in storage.
"Before we turn more structurally positive, we would like to see its flagship models contributing a large portion of its business, as its strategy of reducing its number of models leaves it much in need of a hit model for 2013. Until then, we see margins posing a downside risk," Goldman Sachs analyst Robert Yen told Reuters. µ