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HTC Q1 revenues up 19 percent, beating expectations
2010/04/06 21:26:37 |
Taipei, April 6 (CNA) Global smartphone designer HTC on Tuesday announced first quarter revenues of NT$37.7 billion (US$1.2 billion), up 19.3 percent year-on-year and higher than its forecast of NT$32 billion to NT$34 billion.
The company reported Q1 net profit of NT$5.03 billion, with earnings per share (EPS) of NT$6.42.
However, its Q1 revenues and net profits were down 8 percent and 9.2 percent respectively from Q4 last year.
The company's revenues rose sharply to NT$16.4 billion in March, an increase of about 60 percent from February and 32.4 percent compared to the same month last year.
According to HTC, the better-than-expected figures prove that it has adopted successful branding strategies.
As most institutional investors had expected the company's EPS for Q1 to be around NT$5 to NT$5.5, its shares are likely to rise Wednesday, analysts said.
HTC shares closed at NT$381 Tuesday, NT$6.0, or 1.6 percent higher than the closing figure Monday.
Most foreign investors are optimistic about HTC's outlook.
Morgan Stanley recently raised its target price on HTC from NT$423 to NT$450. Macquarie Securities reiterated its "outperform" rating for HTC with a target price of NT$420, while Goldman Sachs maintained its "buy" rating for the company.
BNP Paribas Securities said that it has raised its forecast for the sale of HTC mobile phones this year by 9 percent -- from 14.5 million to 15.8 million units. It has also raised its forecast for next year to 21.9 million units, up 22 percent from its previous forecast of 17.9 million. (By Tien Yu-pin and Fanny Liu) ENDITEM /pc
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