April 29, 2024

HTC Blames iPhone 4S as Profits Drop 70%

Posted April 25, 2012 at 6:02pm by iClarified · 11932 views
HTC reported a 70% drop in net profit to T$4.464 billion ($151.5 million) in the first quarter of 2012, reports Reuters.

Chief Executive Officer Peter Chou says better times are ahead but he does not think the company will be able to return to the time where 50% of its profit came from the U.S.

"A major challenge we faced last year was the big drop in sales in the U.S. because of competition from the iPhone 4S," Chou told an analysts' briefing on Tuesday on the company's first-quarter results released earlier in the month. He did not elaborate.

The company is hoping the HTC One smartphone will help it get back on track.

"I feel that HTC is being reborn this year, in terms of product strategy and execution of global sales and marketing. We are a new HTC; HTC One will help us to reach this goal," said Chou.

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