HTC's financials continued their downward slide in its most recent quarter as the company posted ongoing declines in both sales and profits.

The Taiwan handset manufacturer has struggled to regain its upward momentum as it is squeezed out of the smartphone market by mounting competition from Samsung and Apple. 

Third quarter results released today show that HTC's after-tax earnings dropped to about $133 million, falling significantly from the prior quarter's $252 million profit and last year's earnings of $637.5 million.

Sales were also on the decline, slumping to about $2.4 billion from $4.6 billion last year. 

HTC did not release details about handset shipments or other metrics in its earnings release today.

The company's current fortunes mark a reversal from last year, when it posted record earnings on strong sales of its Android devices. But demand for its smartphones has slackened as consumers flock to Samsung's Android devices and the Apple iPhone. 

ComScore reported last week that HTC held about 6 percent of the U.S. cell phone market in the three months leading up to the end of August. Samsung had the largest portion with about a quarter of the market, followed by LG at 18 percent, Apple at 17 percent and Motorola at 11 percent.