Bloomberg reports HTC announced record quarterly profit thanks to booming demand for Android smartphones:
Second-quarter net income more than doubled to NT$17.5 billion ($608 million), the Taoyuan, Taiwan-based company said in a statement today. The average of 16 analyst estimates compiled by Bloomberg was for profit of NT$16.3 billion.
Revenue surpassed analyst estimates for a third straight quarter, helped by sales of the Desire HD, Sensation and Thunderbolt smartphones. The results may ease concern over intensifying competition, which drove HTC to its biggest monthly drop in almost two years and led brokers such as Macquarie Group Ltd. to cut their ratings on the stock.