Taiwan's HTC Q3 net lags forecasts

TAIPEI Mon Oct 8, 2012 3:24am EDT

TAIPEI Oct 8 (Reuters) - Taiwan's HTC Corp, the world's fifth-largest smartphone maker, said its third-quarter net profit fell 79 p ercent, mi ssing f orecasts, as its flagship phones failed to keep pace with the Apple Inc's iPhone and Samsung Electronics Co Ltd's Galaxy range.

Unaudited July-September net profit was T$ 3.9 billion ($133.17 million), t he company said, down from T$18.68 billion in the same period a year earlier and T$7.4 billion in the previous quarter. The company did not elaborate.

Earnings had been expected to drop to T$5.57 billion, according to a Thomson Reuters I/B/E/S survey of 21 analysts.

Third-quarter revenue was T$ 70.2 billion. The company said in August it expected its third-quarter revenue to be T$70 billion to T$80 billion, compared to T$91 billion in the second quarter.

HTC shares closed down 0.86 percent at T$ 287 before the earnings release, while the broader market fell 0 .97 p ercent.

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