HTC Reports Year-Over-Year Profit Drop of 98 Percent in First Quarter

Only $2.83 million of profit

HTC reported its first quarter results and the news is alarming. The company saw its year-over-year profit drop by a staggering 98.1% as it managed to eke out a meager profit of just $2.83 million. That's the smallest profit earned by the company since it began selling devices under its own name in 2006. The company generated about $1.42 billion in revenue, a 39.6% drop. HTC missed its guidance of $1.66 billion to $2.0 billion by a wide margin.