Taiwanese smartphone manufacturer HTC has reported 48% decline in revenues to T$70.2bn($2.4bn) during the third quarter (Q3) of 2012, amid stiff competition from rival smartphone makers Samsung and Apple.
HTC reported 79% slump in profits for the quarter to T$3.9bn (132.4m)when compared to T$18.68bnm($634.3) reported during the same period in 2011.
Taiwanese smartphone manufacturer's decline in profit is in contrast with Samsung, which has estimate record profits for the samequarter due to high sales of its Galaxy smartphones.
HTC, in a bid to secure its position in the market, has also released new phone models, including two Windows Phone 8 handsets.
During the quarter, HTC was also required to shut its South Korean business in a bid to streamline its operations, and has also been attempting to shorten its smartphone range.
HTC reported 5.8% decline in its smartphone shipments during the second quarter when compared to 10.7% reported a year earlier, according to reports.