HTC Corp. (2498), Taiwan's largest smartphone maker, posted its lowest quarterly profit on record after the delay of a new flagship phone caused revenue to miss the company's target.
First-quarter net income plunged 98 percent to NT$85 million ($2.8 million), the sixth straight quarter of declines, according to data released by the Taoyuan, Taiwan-based company today. The average of 19 analyst estimates compiled by Bloomberg was for profit of NT$600 million.
HTC lost early momentum for its HTC One handset in February as a shortage of camera components forced it to delay shipments in key markets by as much as a month. Revenue may rebound this quarter as the device becomes available before Samsung Electronics Co.'s new Galaxy S4, which goes on sale in the U.S. on April 26. The company also unveiled the HTC First, the only phone to feature Facebook Inc.'s Home software that features the social networking site on the device's home screen, last week.
"HTC One's production shortage means lost sales in the first quarter will be lost forever, not just delayed," Lu Chia- lin, a Taipei-based analyst at Daiwa Securities who rates the stock hold, said before the earnings announcement. "HTC One has a good design, and they still have lead time ahead of the S4, so revenue has a good chance to rebound this quarter."
First-quarter revenue fell 37 percent from a year earlier to NT$42.8 billion. That's less than the NT$54.7 billion average of 19 analyst estimates compiled by Bloomberg.
Chief Executive Officer Peter Chou is betting on HTC One to revive fortunes at a company that's lost more than 70 percent of its market value since a peak two years ago. Only three of 33 analysts surveyed by Bloomberg recommend buying the stock, while 20 recommend selling it.
New marketing chief Benjamin Ho, who was appointed in January, said last month he plans to boost spending and refresh the brand, which accounted for 3.1 percent of global smartphone shipments in the fourth quarter of 2012. The share has fallen 70 percent from a high in 2011, according to data compiled by Bloomberg Industries.
HTC dropped 2.2 percent to NT$241 at the close of trade in Taipei today before the earnings announcement, taking its decline this year to 20 percent and trailing the benchmark Taiex (TWSE) index's 0.7 percent advance.
To contact the reporter on this story: Tim Culpan in Taipei at tculpan1@bloomberg.net.
To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net.
HTC lost early momentum for its HTC One handset in February as a shortage of camera components forced it to delay shipments in key markets by as much as a month. Photographer: Kiyoshi Ota/Bloomberg
HTC lost early momentum for its HTC One handset in February as a shortage of camera components forced it to delay shipments in key markets by as much as a month. Photographer: Simon Dawson/Bloomberg
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