HTC Q1 Profit at Record Low

Net profit less than $3 million

Taiwanese smartphone maker HTC reported a major decline in its first quarter profit, after the company was forced to push back the launch of its newest flagship phone to April.

HTC on Monday said its net profit for the quarter reached NT$85 million (US$2.84 million), its lowest for the quarter according to online financial records stretching back to 2005. The weak earnings mark a considerable dive from past first quarters when the company's net profit consistently exceeded 1 billion Taiwanese dollars. Last year, for example, the net profit for the first quarter reached NT$4.47 billion.