(MENAFN) Taiwanese smartphone maker HTC Corp reported a 91 percent decline in quarterly profits as its products continue to lose ground to Apple Inc's iPhone and Samsung Electronics Co Ltd's Galaxy range, Reuters reported.
The company said it has earned USD34.48 million net profit during the fourth quarter of 2012, down from USD379.5 million a year earlier.
The former contract maker has been suffering a sharp decline in its fortunes since the second half of 2011.
HTC also reported USD2.1 billion revenue in the quarter, down from USD2.42 billion a year ago.
The company is betting on its new flagship model code-named "M7", which could be launched after March from February as initially scheduled.
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