TAIWANESE PHONE MAKER HTC posted its lowest quarterly profit on record on Monday, following its delayed release of the HTC One.
The struggling phone maker posted first quarter 2013 revenues of NT$42.8bn, or about $1.4bn, and quarterly net income of just NT$85m, or $2.8m.
This is the firm's lowest quarterly profit on record, and is down massively from the $173m profit the company posted in the first quarter last year, representing a decline of 98 percent. Analysts had been expecting HTC to post earnings of roughly $20m for the quarter, which the firm missed by over $17m.
This huge slump in profits is being blamed primarily on the delayed release of the HTC One, the firm's flagship Android smartphone for 2013. The handset was initially expected to make its debut in 80 countries before the end of March, but by the end of the month had appeared in only three.
Next quarter will be make or break for HTC. With its flagship HTC One finally shipping in the UK, and up for preorder in the US, the firm will be pinning all of its hopes on sales of the smartphone. However, the HTC One has some fierce competetion on its hands, with Samsung's flagship Galaxy S4 set to be released in just a few weeks.
However, some analysts believe it's too late for the Taiwanese firm. Lu Chia- lin, a Taipei based analyst at Daiwa Securities told Bloomberg, "HTC One's production shortage means lost sales in the first quarter will be lost forever, not just delayed."
HTC has yet to comment on its first quarter earnings, or lack rather thereof. µ