HTC Cuts Q4 Revenue Growth Forecast to Flat

(REUTERS)--Taiwan's HTC Corp cut its revenue forecast for the fourth quarter to no growth over the same period a year earlier from around 20 percent to 30 percent year on year growth previously, but forecast a pick up in the first half of 2012.

In a stock exchange filing late on Wednesday, the world's No.4 smartphone maker did not give a specific revenue forecast for the fourth quarter. Revenue in the fourth quarter of 2010 was T$104 billion ($3.42 billion).

In October HTC had warned of slowing fourth quarter revenue, forecasting T$125 billion to T$135 billion, compared with T$135.8 billion in the third quarter.

The company faces stiff competition from Apple and Samsung at a time when consumers in major markets in Europe and the United States are tightening their belts in the face of a bleak economic outlook.

It said in the filing that it had confidence in its products and business.

(Reporting by Jonathan Standing)