HTC today released its first-quarter financials, revealing profits that almost tripled from a year earlier, helped by strong demand for its smartphone handsets running the Android operating system.
The smartphone maker posted profits of NT$14.83 billion up from NT$5.00 billion a year previous, amassing NT$104.16 billion from NT$37.95 billion – exceeding forecasts – although the company has not commented on its performance.
Overtaking Nokia in terms of market capitalization, HTC saw share prices rise 5.3% in Taipei, taking the company’s capitalisation to US$33.8bn, passing the US$33.6bn value of its Finnish rival. Like it’s profit, HTC’s stock has tripled in value in the last year, as its smartphone sales surged on after a number of high-profile new handset launches.
With Gartner predicting that almost half of smartphone devices will run Android by 2012 and Windows Phone to eclipse the market share of Apple’s iOS, HTC’s profits are likely to swell in the coming months.
HTC is due to hold a launch event in London next week, announcing the new HTC Sensation.