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HTC fourth-quarter profit below expectations

06
Jan
2014

By Faith Hung TAIPEI (Reuters) – Taiwanese smartphone maker HTC reported a worse than expected net fourth-quarter profit on Sunday, despite aggressive cost cutting and a one-time gain. The company reported net profit of T$0.3 billion ($10 million), compared to a net loss of T$2.97 billion ($99.9 million) in the previous quarter and profit of T$1.01 billion ($34 million) in the same quarter of 2012. The figure lags expected net profit of T$721.71 million ($24.3 million), according to Thomson Reuters I/B/E/S. The number highlights how quickly problems have piled up at a company that just over two years ago supplied one in every 10 smartphones sold around the world. Despite its latest flagship product, the HTC One, garnering rave reviews, the companys global share of the smartphone market has declined to a mere 2.2 percent in the third quarter of 2013 from a peak of 10.3 percent in the third quarter of 2011, data from research firm Gartner show.

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