HTC's second quarter net profit plummeted 83 percent year on year as sales of the company's latest flagship handset failed to meet expectations.
The company reported net profit of $41.6 million, down from $2.4 billion a year earlier. Revenue totaled $2.3 billion, down 22 percent.
Results for the quarter should have been boosted by sales of the new HTC One smartphone. It went on sale in April, although the company had originally hoped to launch it at the end of March. The delay put the HTC One in closer competition with Samsung Electronics' Galaxy S4 smartphone, which went on to reach sales of 10 million units within a month of its launch in late April.
Tough battle with Apple, Samsung
Heated competition with Samsung and Apple is a major reason for HTC's financial woes, analysts say. To revive its smartphone business, HTC in 2012 launched its new "One" series to help create more brand visibility.