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.
一段时间的稳步上升之后，随之而来的可能是迅速下跌。HTC执行长周永明(Peter Chou)对此深有体会。他领导的这家台湾手机企业的净利润在2005年至2011年这6年间增长逾4倍。但在昨日，HTC发布了2012年第四季度季报，宣布这是自2004年以来净利润最低的一个季度。这意味着，HTC的全年净利润在2011年达到峰值以后，连续第三个季度出现下跌。问题是，为什么HTC的股价在过去两个月中累计上涨50%呢？
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