According to reports from Bloomberg, HTC has suffered another decline in sales after posting its fourth quarter earnings, despite analysts estimating a much higher return for the Taiwanese company.
HTC posted $310 million net for its fourth quarter, while nearly 20 analysts had predicted earnings of around $694 million for the smartphone maker. The company has kept up a nine quarter loss streak, even after signing Robert Downey, Jr. to promote the company. In order to avoid a second loss, the company sold its 24.84 percent stake in Beats Electronics LLC.
This is the third year that HTC has performed below the expectations of analysts, with the company only meeting experts’ estimates once in the past two years.
Bloomberg reports that HTC’s investor relations officials declined to comment on the earnings statement. The Chief Financial Officer, Chia-Lin Chang, started at the company in 2012, and was made global head of sales last month.
Back in September, the company announced that it planned to sell any remaining stake in Beats for $265 million, which comes to $85 million pretax profit, with an additional $150 million from Beats to pay off a loan with interest.
The financial results come hot on the heels of Nokia’s win over HTC in a German patent infringement lawsuit.