HTC overtakes Nokia in market value
The company said today that unaudited first-quarter net profit was £312m.
In the same week HTC overtook Nokia in terms of market value.
HTC Corp has revealed that first-quarter profit almost tripled, beating analysts forecasts, boosted by strong demand for its handsets, particularly those running on the Android operating system.
HTC shares were valued at £20.6bn this week in comparison to Nokia’s market value of £20.4bn, according to a report in the Financial Times.
Moody’s downgrading of Nokia’s credit rating was due to the uncertainty surrounding Nokia’s joint venture with Microsoft which sees it take on the IT giant’s Windows Phone 7 platform.
HTC has continued to take the market by storm this year, sharing the platform with Apple as the only smartphone makers whose shares have risen this year. HTC’s shares have increased by a third, in the same period Nokia’s shares fell by a fifth.
The rise makes HTC the world’s most valuable smartphone maker, according to Thomson Reuters, only lagging behind Apple and Samsung Electronics.
However Nokia is still the world’s largest producer of mobile devices by volume, with a 28.9% global market share at the end of last year, according to Gartner.