HTC has announced a 79 per cent fall in profits since last year, as it loses ground to rivals Apple and Samsung who continue to dominate the smartphone market.
The Taiwanese firm reported its lowest quarterly net profit figures since 2006, declining from 18 billion New Taiwanese dollars (£395 million) recorded last year to NT$4 billion (£82 million) announced today.
This is in stark contrast to the firm's success as recently as 2010 when HTC was the largest smartphone manufacturer using Google's Android operating system. Its sharp decline begun in the end of 2011 due to stiff competition from fast-rising sales of Samsung's Galaxy Note and Galaxy S2, as well as the ever popular iPhone 4.
Last month, HTC unveiled its new smartphones using the Windows 8 operating system - the HTC 8X and 8S - in a bid to widen its customer base and restore profits.
However industry insiders predict that it will have a tough time competing with Samsung's Galaxy S3 which has been named the world's bestselling smartphone to date as well as Apple's momentous iPhone 5.
Like many others before it, HTC seems unlikely to claw back its former glory.