HTC reported a 91 per cent drop in net income in the fourth quarter and forecast continued declines in revenue as the company struggles to regain market share in smartphone market. Net income for Q4 was $33.8m, its lowest in eight years, on revenue of $2.0bn. HTC also said it expects sales and margins to fall in the first quarter, with expected revenue between $1.69bn and $2.03bn.
To regain its growth, HTC CFO Chang Chia-Lin said the company is now ready to offer smartphones in China for less than $320, or 2,000 Chinese yuan. “We’re going to go down, but not below 1,000 ($160),” he said, according to Reuters. “We see there’s still room to play” in the market for smartphones priced $160 to $320 in China.
FierceWireless: HTC posts 91% drop in Q4 net profit, looks to emerging markets for growth; TelecomTV content partner.
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