HTC profits smacked by delayed launch of HTC One

The HTC One.

(Credit: Sarah Tew/CNET)

The late launch of the HTC One smartphone put a damper on HTC's first-quarter profits.

For the quarter ending March, net profit plummeted to $85 million Taiwanese dollars ($2.85 million), a fall from NT$10.9 billion a year ago and the company's lowest quarterly profit since 2004. Results also disappointed analysts polled by Thomson Reuters, who on average were expecting earnings of NT$467.5 million.

Shipments for the new HTC One phone have been delayed due to a limited supply of cameras. Last month, HTC chief marketing officer Benjamin Ho told the Wall Street Journal that the phone's camera was specifically designed for the company and "production cannot be ramped up so quickly."

But an unnamed HTC executive recently told the Journal that the company has had trouble getting components because it keeps changing its order estimates following a drop in phone shipments. As a result, ... [Read more]