Taiwanese phone manufacturer, HTC has beaten analysts' expectations once again with record single quarter profits.
HTC has been posting record profits every quarter for some time now (six to be exact) and this quarter is no different. Beating all analysts expectations, the company posted net income for Q1, 2011 of NT$17.5 billion (£380 million) which is almost double that of the same period in 2010. The reason for such a rise? The continued growth of Android devices in the American and European markets and HTC’s class-leading devices such as the Desire HD, Sensation and Thunderbolt.
Intense competition in the Android market led to HTC’s share price suffering its biggest drop (21 percent) last month in nearly two years. In what is a clear indication of how tough the Android smartphone market is, posting consistently high profits and beating analysts predictions three quarters in a row was not enough to secure HTC’s share price. Total revenue for the company in the second quarter more than doubled to NT$124.4 billion (£2.7 billion) beating even it’s own expectations for the quarter.
Revenue is expected to climb again in the third quarter with Android growth showing no signs of abating and HTC continuing to churn out handsets for the platform.