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HTC, the world's fifth biggest phone maker, has suffered a 79% crash in quarterly profits as the popularity and marketing muscle of Apple and Samsung continue to squeeze out smaller rivals.

Third quarter net income plummeted to 4.9bn New Taiwan dollars (£104m) in the three months to the end of September, from NT$20bn in the same period last year, according to unaudited results published on Monday night. Revenues were down 48% to NT$70.2bn, well below analyst expectations of NT$75bn.

Only a year ago the Taiwanese company was enjoying a record quarter with revenues of NT$136bn, thanks to bestselling handsets including the HTC Desire and Sensation.

HTC will only comment when its audited results are published, but an email sent by the chief executive, Peter Chou, to employees in August urged staff to "kill bureaucracy". He complained: "We have people in meetings and talking all the time but without decision, strategic direction and sense of urgency."

Full article: http://www.guardian.co.uk/technology/20 ... sfeed=true