While the vast majority of the world’s tech press was focused on Apple’s record-breaking quarter yesterday, HTC quietly announced its own figures. Unlike Apple, the Taiwanese company reported a huge 70% drop in profits after raking in just $151.5 million during the three-month period. And it says the iPhone 4S is the main reason for its dismal quarter.

HTC Chief Executive Peter Chou specifically blamed the iPhone 4S for the company’s poor financial results during an analyst briefing yesterday. While Chou remained confident that the company had better times ahead, he admitted that there’s no chance it will see a return to the times when it took 50% of its revenue from the U.S.

“A major challenge we faced last year was the big drop in sales in the U.S. because of competition from the iPhone 4S,” Chou told analysts at the briefing, before revealing HTC’s net profit during the first quarter of 2012 had dropped 70% year-over-year to just $151.5 million. In comparison, the iPhone 4S helped Apple secure profits of $11.6 billion during the same three-month period.

HTC is hopeful that its latest family of One smartphones can help turn the company around this year. Chou said the devices are the dawn of a “new” HTC that will better execute sales and marketing of its products. He’s also optimistic that China will help make up the revenue that the company has lost from the U.S.

[via AppleInsider]