HTC One fails to solve HTC cash woes

The Taiwanese tech giant made roughly $41.6 million after taxes, a significant drop compared to last year, as it continues to struggle in the face of stiff competition from Samsung and Apple.

CBS Interactive

HTC's financial troubles aren't getting any easier, with the Taiwanese tech giant revealing an 83 percent decline in net profit for the April-June period compared with last year.

The phone maker said its unaudited net profit for the three months up to June 30 was NT$1.25 billion, which equates to roughly $41.6 million, the Wall Street Journal reports -- a figure that misses analyst estimates.

While the latest numbers make for grim reading, the results aren't as bad as they were in the first quarter of the year, when HTC made just $2.8 million in profit.

The figures show that while it's still turning a little profit, HTC continues to struggle in the face of stiff competition from Samsung and Apple, despite the arrival of the classy HTC One, which has been well received by critics and phone- fans alike.

What does HTC need to do to turn things around? Let me know your thoughts in the comments.

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