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HTC misses targets yet again

Taiwanese phone maker is failing to compete against rivals in the smartphone space.

Sarah Tew/CNET

HTC's third-quarter earnings paints a dire picture for the phone maker's ongoing profits, as the Taiwanese giant once again performs below analyst expectations and company forecasts.

The world's fifth largest smartphone maker said today its third-quarter profit fell by 79 percent year over year as it continues to struggle in the face of its competitors' devices and sharper sales.

HTC reported third-quarter total revenue of 70.2 billion Taiwan dollars ($2.39 bilion), down from 91 billion Taiwan dollars ($3.04 billion) in the second-quarter -- a drop of more than 20 percent -- and down from 135.8 billion Taiwan dollars ($4.5 billion) a year ago -- dropping by almost one-third at the same time last year.

The company said in August that it expected its third-quarter revenue to be in the region of 70 billion Taiwan dollars ($2.38 billion) to 80 billion Taiwan dollars ($2.73 billion), compared to around 91 billion Taiwan dollars in the second-quarter.

Analysts had expected the company to earn around 84 billion Taiwan dollars ($2.9 billion) during the third quarter.

All in all, the firm kept quiet on everything else. HTC's third-quarter of 2011 was healthy and record-breaking for the company. But since then, the phone maker has struggled to keep up with the competition after a relatively successful 2011.

This story originally posted as "HTC Q3 misses targets, continues to quietly sink" on ZDNet.