HTC is had a rough Q1

It wasn't too long ago when HTC was one of the biggest names when it came to smartphones, now they are having a pretty rough go of it. According to HTC's Q1 results they say a 70% drop in profits and their revenues dropped 35%. It will be interesting to see if HTC can rebound now that there is more competition than ever in the smartphone market. TechCrunch has the full story.

HTC released their unaudited Q1 2012 earnings earlier this morning, and the results aren’t pretty [PDF]. The Taiwanese company managed to pull down NT$67.8 billion ($2.3 billion) this past quarter, a nearly 35% dip year-over-year.

What’s more, HTC took an even bigger hit when it came to net income after taxes — in Q1, they only raked in NT$4.4 billion ($149 million), compared to the NT$14.8 billion ($501 million) in profits earned this time last year.