HTC Corp reported a record-low quarterly profit on Monday that missed analysts’ estimates after it delayed the full launch of its 2013 flagship smartphone model, the HTC One which will now debut against Samsung Electronics’ newest Galaxy.

A shortage of cameras meant HTC managed to introduce its latest HTC One phone in just three markets by the end of the first quarter instead of the planned 80. It does not expect to kick off sales across Europe, North America and the Asia-Pacific region before the end of April.

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Samsung Electronics Co Ltd has said its Galaxy S4 will be available in 155 countries by the end of April.

HTC said its unaudited net profit was T$85 million ($2.85 million) in its January-March first quarter, compared with T$1 billion in the prior quarter and T$10.9 billion in the same period last year. It was the lowest since HTC began reporting quarterly profits in 2004.

The Taiwanese smartphone maker was expected to post a net profit of T$467.5 million, according to the average forecast of 18 analysts polled by Thomson Reuters I/B/E/S.

First-quarter revenue was T$42.8 billion, lower than the T$50-60 billion range that HTC had forecast in February. Revenue in the fourth quarter was T$60 billion.

“As the company is in the middle of a product launch, lumpy monthly numbers can easily be explained by the phasing of product ramp ups and wind down, “Bernstein analyst Pierre Ferragu said in an investor’s note today, “but such a low number likely reflects a significant further loss of traction in the market.”

HTC will launch it’s flagship smartphone, the HTC One in India for a price of Rs.42,990. The smartphone will start shipping by the end of this month.

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