HTC is in trouble with decling revenues and profits slumping by 69%.The Company who last week launched their new HTC One in Australia saw first-quarter 2012 revenues fall 35 percent to $2.3 billion. This was in line with the company’s forecast decline of 32.8 percent to 37.6 percent, according to unaudited results released by the company.

The Smartphone maker who is under pressure from Samsung and Apple posted a 69 percent decline in operating income to NT$5.1 billion, a 67 percent decline in net income before taxes to NT$5.56 billion, and a 70 percent decline in net income after taxes to NT$4.47 billion.

Earlier this year, the company forecast a first-quarter revenue decline and low first-quarter gross and operating margins because of a product transition designed to make new phones more competitive. In the fourth quarter of 2011, sales plunged because of iPhone competition, lower than expected sales of 4G LTE phones, and LTE handset designs and battery lives that needed improvement, the company previously said.