HTC Q3 profits down 5%

High Tech Computer (HTC) has reported its results for the third quarter, with net profit falling 4.9%.

The decline in profit is being blamed on a typhoon that delayed the company’s September shipments.

Revenues, however, were in line with expectations, up 30% on year to $1.2 billion.

HTC said it is on track to meet the upper end of 2008 revenue growth targets, set at 20-30%.

The company’s success at increasing revenues during a time of telecoms recession is being attributed to its own-brand series of Touch smartphones, which are powered by Windows Mobile.

Analysts Gartner say HTC’s smartphones came third in the world in smartphone sales during the second quarter of this year, behind only Nokia, and Blackberry maker Research in Motion (RIM).

The fourth quarter is expected to be even busier at HTC, with the release of the much anticipated Touch HD, the US release of the Touch Diamond, and the worldwide release of Google’s Android smartphone, the HTC G1 Dream.

Some market analysts have predicted that the G1 could capture up to 4% of the US smartphone market in the fourth quarter.

However, competition in the sector is as fierce as ever, with Apple’s 3G iPhone, the Samsung Omnia, and the first ever touchscreen Blackberry all vying for part of HTC’s market share.

This is likely to push down the price that HTC is able to achieve for its handsets.

Following the announcement of its results, HTC shares fell 7%.