Taiwan's HTC has announced that its revenues for the first quarter of 2012 dropped by 34.92% to NT$67.80 billion.

The unaudited operating income was NT$5.1 billion and net income after tax plunged by 70% to NT$4.5 billion (US$151 million).

The brief financial statement didn't offer any breakdown as to sales or why profits fell so sharply, but an earlier conference call by the company's Chief Financial Officer Winston Yung suggested that the company had" dropped the ball" on releasing new products.

The company sees the quarter as a transitional period as it clears inventories of older stock.

It will issue a second-quarter guidance later this month.