HTC Q1 2011: earnings tripled, ships 9.7 million handsets

The financial reports keep rolling in, and its HTC bringing the good news this time. The Taiwanese smartphone manufacturer released its Q1 2011 report, with earnings nearly tripled year over year.

HTC reports that net profits blasted up to $504 million, a 197 percent increase from the previous year. Revenues were in the $3.5 billion range and the company shipped 9.7 million handsets, a 192 percent increase over Q1 of last year.

The company expects to grow shipments to 11 million for the second quarter, with the HTC Flyer tablet launch and new smartphones such as the Sensation and EVO 3D. The company will invest $96 million in building a new factory in Taiwan and will ramp up production in its Shanghai plant if necessary to meet demand.