October 6, 2009 / 6:44 AM / 9 years ago

HTC Q3 net profit falls 18 pct, lags forecast

TAIPEI, Oct 6 (Reuters) - HTC (2498.TW), the world’s No. 4 smartphone brand, reported worse-than-expected third-quarter results on Tuesday, hit by intensifying competition and declining prices in the fast-growing sector.

HTC said it made a net profit of T$5.76 billion ($180 million) in the quarter ending September, lagging a consensus forecast of T$5.92 billion according to a survey of 17 analysts polled by Thomson Reuters I/B/E/S.

It also revised its year-ago net profit to T$6.99 billion.

The company did not provide any guidance in its statement, but said in July it expected revenue this year to fall by a low to mid-single digit percent. [ID:nTP127931]

Reporting by Kelvin Soh; Editing by Jonathan Hopfner

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