HTC's first-quarter profit has almost tripled, driven by strong demand for its handsets - particularly those running on the Android operating system
The company, which has just overtaken erstwhile industry giant Nokia in terms of market capitalisation, said its first-quarter net profit was T$14.83 billion ($511 million), well above analyst predictions of T$12.99 billion.
"That its first quarter would be above expectations was well foreseen, Q1 seasonality was better than expected," said Bonnie Chang, an analyst at Yuanta Securities in Hong Kong.
Growing demand for phones running on Google's Android platform will help the smartphone market grow in 2011, the analyst said, boosting companies such as HTC and Samsung Electronics who are betting on the platform.
The smartphone market is likely to grow 58% this year and 35% the next, according to research firm Gartner, which also believes Android handsets will account for half the market by next year.
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