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The smartphone maker has posted its third quarter profit of just $133 million (£83m), down from $625 million in 2011.
Although HTC was amongst the early pioneers of Android-based smartphones it has failed to keep up with other handset makers such as Samsung and Apple, which have dominated the market.
In 2011, HTC purchased a 51 per cent stake in Dr. Dre’s Beats audio, costing the company $300 million. This business move proved unsuccessful and the company ended up selling 25 per cent back for $125 million in 2012.
HTC’s shares fell seven per cent on the Taiwan Stock Exchange after the Q3 results were published. The company’s stock has fallen 44 per cent since the start of 2012.
HTC hasn’t commented on how it expects to improve its fortunes going forward, but the firm will be hoping that its latest Android smartphone, the One X+, will win over consumers.
The One X+ will have a higher clock speed and more internal storage than HTC’s current flagship model, the One X. But will this really be enough to save the Taiwanese firm? And can anyone really compete with the success that has been the Samsung Galaxy S3?
As well as the One X+, HTC is hoping that its Windows Phone 8X and 8S smartphones, developed in partnership with Microsoft, can claw back some of the money that the company has lost this year.
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