HTC profits slump 90% on strong competition

Taiwanese mobile phone maker HTC has reported a slump in profits as it continues to suffer at the hands of rivals Apple and Samsung.

Unaudited net profit in the fourth quarter was T$1bn ($34m; £21m), down more than 90% on the T$11bn the firm made a year ago and below analysts' expectations. Revenue was T$60bn.

The firm suffered from launching no big products in the period, analysts said

This is the fourth quarter in a row that HTC profits have fallen sharply.

This is in contrast to rivals Apple and Samsung, which have profited from the release of the iPhone 5 and Galaxy models.

- BBC.co.uk