“HTC Corp. (2498), Asia’s second-largest smartphone maker, dropped the most in three months in Taipei trading after quarterly profit fell by a record as competition from Samsung Electronics Co. and Apple Inc. (AAPL) drove down sales,” Tim Culpan reports for Bloomberg.
“HTC declined by the 7 percent daily limit to NT$267 as of 10:24 a.m., headed for the biggest loss since July 5. The stock has lost 46 percent this year, lagging behind a 7.7 percent advance for Taiwan’s benchmark Taiex (TWSE) index,” Culpan reports. “Third-quarter net income dropped to NT$3.9 billion ($133 million), the Taoyuan, Taiwan-based company said in a statement yesterday. That was a 79 percent decline from a year earlier and missed the NT$4.43 billion average of eight analysts’ estimates compiled by Bloomberg in the last 28 days.”
Culpan reports, “Apple sold 5 million units of its iPhone 5 in the first weekend after sales commenced in nine countries on Sept. 21, it said at the time. The Cupertino, California-based company began selling the device in 22 more countries on Sept. 28.”
Read more in the full article here.
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