HTC Q2 2012 earnings collapse by 57.8 percent

Engadget reports HTC second-quarter earnings fell 57.8 percent year-over-year. The Taiwanese smartphone maker blames weak European sales, as well as custom issues that have hampered US sales of high-end phones like the One X, for its poor results.

HTC has reported a substantial drop in its quarterly profits, with unaudited results for Q2 2012 totaling T$7.4 billion ($250 million), down from T$17.52 billion this time last year. While it marks an improvement compared to the company's dire first quarter of this year, HTC's been troubled by weaker-than-expected European sales, while customs issues have hampered US sales for high-end devices like the One X.