News Summary: HTC 2Q profit drops 58 percent
PHONE WARS: Smartphone maker HTC Corp. said its second-quarter profit fell 58 percent, the third consecutive quarterly decline as intensifying competition from Apple Inc. and Samsung Electronics Co. hurt sales.
SALES DROP: HTC predicted that revenue in the current quarter would drop 41 to 48 percent from the same period last year.
SAMSUNG'S GAIN, HTC'S PAIN: HTC had hoped to win back market share with the launch of "HTC One" series. But following the huge popularity of Samsung's Galaxy handsets, the HTC phone's key U.S. carrier, AT&T, slashed prices by half. That could hurt the Taiwanese company's revenue.
