HTC Corp. (2498) fell to the lowest in two months in Taipei trading after the smartphone maker posted its biggest profit drop since listing a decade ago.
HTC dropped 6.8 percent to NT$545 at the close today, the lowest since Feb. 7. Taiwan’s benchmark Taiex Index (TWSE) declined 1.4 percent.
First-quarter net income tumbled 70 percent from a year earlier to NT$4.46 billion ($151 million), HTC, Asia’s second- biggest maker of smartphones, said April 6. The average of 17 analysts’ estimates compiled by Bloomberg was for profit of NT$4.62 billion.
Revenue at the Taoyuan, Taiwan-based company fell 35 percent to NT$67.8 billion amid competition from Apple Inc. and Samsung Electronics Co. That compares with the NT$71.1 billion average of 22 analyst estimates compiled by Bloomberg and HTC’s own projection of NT$65 billion to NT$70 billion.
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