Asia's leading smartphone vendor HTC announced on Monday that the company's net profit in the three months to September tumbled 79.1 percent year on year as it confronted stiffer competition from rivals including Apple and Samsung.
Net profits in the third quarter came in at Tw$3.9 billion ($133.1 million), down sharply from Tw$18.64 billion a year ago, the company said, without providing details.
Revenues totalled Tw$70.2 billion, meeting the lower side of the Tw$70 billion-Tw$80 billion range it had previously forecast. The revenues marked a sharp decline of 48 percent from a year ago when they were Tw$135.82 billion.
HTC sells its own smartphones and also makes handsets for a number of leading US companies, including Google's Nexus One.
The company has recently unveiled a new series of smartphones to compete with US technology giant Apple and South Korea's Samsung, which separately launched the iPhone 5 last month and the Galaxy Note II in late September.
At the same time, Samsung, the world"s largest maker of mobile phones, last week reported record third-quarter operating profit, buoyed by continued gains by its Galaxy phones and tablets. Sales of the Galaxy S3 passed 20 million units in the 100 days after its debut, the company said last month.
Whereas, Apple sold 5 million units of its iPhone 5 in the first weekend after sales commenced in nine countries on September 21. The Cupertino, California-based company began selling the device in 22 more countries on September 28.