HTC sales sky-rocketing
(Reuters) – Taiwan smartphone maker HTC Corp said first-quarter profit almost tripled, beating forecasts, driven by strong demand for its handsets, particularly those running on the Android operating system.
The company, which has just overtaken erstwhile industry giant Nokia Oyj in terms of market capitalization, said on Friday that unaudited first-quarter net profit was T$14.83 billion ($511 million). Analysts had forecast a profit of T$12.99 billion.
“That its first quarter would be above expectations was well foreseen, Q1 seasonality was better than expected,” said Bonnie Chang, an analyst at Yuanta Securities in Hong Kong.
“For the second quarter everyone is expecting revenue sequential growth in the high teens to 20 percent, shipments will be strong and average selling prices are holding up pretty well.”
Growing demand for phones running on Google’s Android platform will help the smartphone market grow in 2011, boosting companies such as HTC and Samsung Electronics who are betting on the platform.
Read the full article.
