There is no joy in Taoyuan this morning, as HTC's first quarter financial results have become public. The Taiwanese company has reported the lowest profit in its 16-year history, with just $2.8 million USD ($85 million Taiwanese dollars) in net income for Q1 2013. It's the sixth quarter in a row that HTC has posted declining profits, and a staggering year-over-year drop of 98%.
The news came from a somber release on HTC's website, without any of the usual fanfare. Analysts reaction compiled by Bloomberg blame the drop on delays for the flagship One phone, which has now been pushed into an April launch in the US and other markets.