HTC Q1 2012: Smartphone Maker Posts 70 Percent Profit Drop

04/06/2012 05:31 am ET | Updated Jun 06, 2012

TAIPEI, Taiwan (AP) — Taiwan smartphone maker HTC Corp. has reported a 70 percent drop in first quarter profit as it faces keener competition from Apple Inc. and Samsung Electronics Co.

HTC said Friday that profit amounted to 4.5 billion New Taiwan dollars ($152 million) from revenue of NT$68 billion in the three months ending March.

Revenue was down 35 percent from a year earlier.

HTC marketed a series of new model this month, which allow a user to snap four pictures in a second while making videos simultaneously. It hopes the "HTC One" series can help boost revenue in the second quarter.

HTC has grown on the strength of the design of its handsets, based on Google's Android operating system.

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