It really wasn't all that long ago when HTC was on top of the world. HTC was the goose that only laid golden eggs, again and again and again. And now? Competition in the Android market is fierce, more than ever before, with the likes of Samsung and Motorola throwing their weight around. As a result, HTC saw its net profit slide 70 percent during the company's first fiscal quarter of the new year.
HTC also reported (PDF) that total revenues were down by more than a third -- 34.92 percent -- year-on-year in Q1 2012, though to put that into perspective, HTC still collected nearly $2.3 billion (it's lowest since 2006). Still, total revenues stood at $3.43 billion just one quarter prior.
In addition to an increasingly popular Android market, HTC's financial results reflect competition from the launch of Apple's iPhone 4S last year, a device all three major carriers in the U.S. (AT&T, Verizon, and Sprint) carry. Going forward, HTC is hopeful that its One series will once again have the company sitting on top of the world.