Eek. The recession (or is it depression?) spares no one huh? Not even one of the biggest and most relevant smartphone makers today can avoid the wrath of a weak economy. HTC just reported their first quarter earnings which revealed that their profits have fallen 30% year-over-year.

Still, HTC managed to beat analyst estimates and put the blame on missed product shipping deadlines. Could the delayed product be the HTC Magic?

[via engadgetmobile]