HTC profits plunge 91pc in Q4

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Income falls by over £200 million in the final three months of 2012 but the manufacturer’s CEO claims the worst has passed

HTC has posted net profits in Q4 of £21.47 million, down 91 per cent from the same £236.67 million figure it posted in the same three month period last year.

The latest net profit number was also down 75 per cent from the £83.72 million the Taiwanese handset manufacturer posted for Q3.

The profit from October to December was below analyst forecasts. Eighteen of them had forecast a net profit of £31.55 million in the quarter, according to a Thomas Reuters survey.

Revenue for the last three months of last year was £1.29 billion, down from £2.18 billion from a year earlier.

The results come following an interview HTC CEO Peter Chou conducted with The Wall Street Journal last Friday, in which he admitted that the company’s marketing wasn’t good enough.

“Our competitors were too strong and very resourceful, pouring in lots of money into marketing,” he said. “We haven’t done enough on the marketing front.

“The worst for HTC has probably passed. 2013 will not be that bad. Although we don’t have as much money to counter (Samsung and Apple), the most important thing is to have unique products that appeal to consumers.”

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