HTC's Q1 2011 profits almost triple to $513 million
Market cap exceeds Nokia
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.
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]
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