HTC Corp. on Monday reported its lowest quarterly profit since 2006 as it continued to lose market share to its competitors.
The Taoyuan-based company, which has been steadily losing ground against Apple Inc. and Samsung Electronics Co. in the lucrative market for smartphones, said in a statement that its third-quarter net profit was 3.9 billion New Taiwan dollars ($133 million), a sharp 79% fall from NT$18.64 billion a year earlier.
HTC’s revenue for the three months ended Sept. 30 dropped 48% on year to NT$70.2 billion from NT$135.82 billion.
The net profit was below the average forecast of NT$5.0 billion, according to six analysts polled by the Wall Street Journal.
HTC, which as recently as 2010 was the biggest smartphone maker using Google Inc.’s operating system by shipments, has seen its profit continuously decline since the last quarter of 2011 due to stiff competition from fast-rising Samsung, which overtook HTC…
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