Taiwanese phone manufacturer HTC (TPE:2498) has announced its unaudited financials for Q1 2011, ending March 31.

Total revenue was $3.5 billion, up 174 percent year-on-year.

Net income after tax was $513 million – almost three times the total posted in the equivalent quarter last year.

Analysts had expected HTC to post profits in the region of $450 million.

Beating expectations

It's a performance that has now seen the company's market value surpass Nokia's - $33.8 billion to the Finnish firm's $33.4 billion.

Though quiet regarding the reasons, the company has attributed some of its success to robust demand for its Windows Phone 7 handsets.

HTC regards itself as the largest manufacturer on the platform, though it's the strong global growth of Android smartphones that is clearly generating the bulk of the company's sales.

[source: HTC / Reuters]