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HTC Q1 2012 results show a 70 percent drop in profit over last year

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HTC's unaudited results for Q1 2012 show a dramatic drop in revenues over the same period last year.

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HTC has released unaudited financial results for the first quarter of this year, which show that the company's total revenue has fallen by a dramatic 34.9 percent as compared to the same period in 2011. We'd previously heard that the company anticipated a bleak quarter, but now the hard numbers have been revealed. Total revenues fell from NT$104.2 billion (about $3.5 billion) to just NT$67.8 billion (roughly $2.3 billion). January was particularly painful for the firm, with revenues of NT$16.6 billion (around $565 million) as compared to NT$35 billion (approximately $1.2 billion) in January last year — a drop of more than 50 percent.

More concerning is the decline in the firm's profit margins — despite revenues only falling by around 35 percent, the company's net income after tax fell by 70 percent year-on-year. While this is better news than a loss, HTC will still hope to return to the booming profits of last year — will the One series prove to be the success it needs?