HTC is still trying to recover from its tailspin, but things are not looking up.

The company saw its revenue drop from $44.1 new Taiwan Dollars in October 2011 to $17.2 billion last month. Total 2012 earnings are also significantly lower.

In Q3 HTC managed to ship 7.3 million phones and ranked as the world’s fifth largest smartphone maker. Morgan Stanley now estimates HTC will ship just 6.4 million smartphones in Q4, ending up with a 2.8 percent market share and ranking eight in terms of overall smartphone shipments.

HTC introduced a few slightly revamped One series Android handsets in recent weeks and the outfit is also launching Windows Phone 8 devices. However, Analysts insist WP8 sales will be sluggish, so Windows won’t be enough to turn around HTC’s fortunes.

HTC is also expected to introduce a new Android flagship shortly, with an 1080p screen, but once again, it’s just not enough.

More here.