Taiwanese smartphone maker HTC (TPE:2498) saw sales revenue fall for the ninth consecutive quarter in the end of 2013. The company’s quarterly net income of NT$310 million ($10.3 million) didn’t even reach half of analysts’ NT$694 million ($23.1 million) estimates, according to Bloomberg.
In the previous quarter, HTC posted its first ever loss of almost NT$3 billion ($101 million). This quarter saw those losses narrow to NT$1.56 billion ($52 million), which kept share prices stable, but they are losses nonetheless. HTC fell short of analysts’ estimates every single quarter of last year.
Bloomberg attributes HTC’s fall from grace to the rise of Chinese brands like Lenovo (HKG:0992), Huawei, and Xiaomi, which have snapped up enough smartphone market share to both be in the top five best-selling manufacturers in the world.
At its peak in 2011, HTC held a 10.7 percent global market share, making it the fourth largest smartphone maker in the world. It has since slipped below four percent and has fallen out of the top 10 spots, according to Gartner.
(Editing by Steven Millward)