HTC posted a fourth quarter net profit of $34 million, down 91 percent from the $379 million it put up for the same quarter in 2011.

According to Reuters, 18 analysts’ average predicted a net profit of more than $50 million for the quarter. The Taiwanese handset giant’s sales fell far behind the iPhone and its Android OEM archrival, Samsung.

The report said HTC’s fourth quarter consolidated revenue was $2 billion. The company said in October it expected its revenue in the quarter to be around $2 billion, compared to $2.4 billion in the third quarter.

CEO Peter Chou last week admitted to Wall Street Journal that HTC had a fairly dismal 2012, but hoped for a “not too bad” 2013.