Taiwanese based phone manufacturer, HTC reportedly record an astonishing 90 percent decline in profits during the last three months of 2012.
CEO Peter Chou blames it on strong competition as the smartphone maker lose most of its market shares to Chinese rivals.
It is revealed that a profit generated on 2012 Q4 stand at T$1 bn, the lowest ever in eight years, which is a drastic drop from earnings the previous year which was T$11 bn. Therefore, it was no surprise when HTC completely dropped out of the global top five smartphone industries
It is not new news that the HTC is one of the most dominant names in the smartphone industry, but the firm has long taken damage from competitive rivals like Apple and Samsung.
After Apple and Samsung announced their newest devices- the iPhone 5 and Samsung Galaxy S3 respectively, HTC failed to come out with their own a device that is capable of competing with the biggest brand in the smartphone market.
In order to help boost sales and shipments next quarter, a new smartphone, codenamed M7, is rumored to be unveiled this month MWC in Barcelona. The M7 could enter mass production in late February and it is predicted that sales may rise as much as 20 percent in the next quarter.