Smartphone maker HTC on Tuesday reported a 70 percent drop in first quarter profit as it faces keener competition from Apple and Samsung, and hopes for growth in Asia and Europe.

HTC 's profit amounted to 4.5 billion New Taiwan dollars ($152 million) from revenue of NT$68 billion in the three months through March. Revenue was down 35 percent from a year earlier.

The company expects revenue to rise in the second quarter, with the marketing of the "HTC One" series phone.

HTC is facing the heavy competition in the U.S. from Apple's iPhone 4S smartphone. However, the Taiwan-based company hopes that the decline of HTC's US market share would be compensated by the anticipated growth from Asia and Europe.