A steady ascent can be followed by a rapid decline. Peter Chou, chief executive of HTC, knows that only too well. Earnings at his Taiwanese mobile phone company grew more than fivefold in the six years before 2011. But yesterday, when HTC reported results for the fourth quarter of 2012, it announced the lowest quarterly net income since 2004. That puts full-year earnings on track for a three-quarters drop from their peak in 2011. The question is why HTC’s shares have rallied by a half over the past two months.
一段時間的穩步上升之后，隨之而來的可能是迅速下跌。HTC執行長周永明(Peter Chou)對此深有體會。他領導的這家臺灣手機企業的凈利潤在2005年至2011年這6年間增長逾4倍。但在昨日，HTC發布了2012年第四季度季報，宣布這是自2004年以來凈利潤最低的一個季度。這意味著，HTC的全年凈利潤在2011年達到峰值以后，連續第三個季度出現下跌。問題是，為什么HTC的股價在過去兩個月中累計上漲50%呢？
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