The financial report from Taiwan-based semiconductor firm MediaTek for the second quarter of 2017 shows the company's net profit declined over 60%.

MediaTek's operating revenue in the second quarter of 2017 was NTD58.079 billion, which was about CNY12.912 billion and marked a year-on-year decrease of 19.9%. Its net profit was NTD2.21 billion, which was about CNY491 million and marked a year-on-year decrease of 66.5%. The company's performance reportedly hit a new quarterly low point since its listing.

As a major IC designer focusing on smartphone chips, MediaTek's smartphone business operating revenue only accounted for 40% of the company's total operating revenue during the reporting period.

With Qualcomm's enhancement in the middle- and low-end markets, MediaTek's former major clients Oppo and Vivo have reportedly turned to Qualcomm starting at the end of 2016. This cost MediaTek many orders. Though Meizu recently used MediaTek's HelioX30 on its PRO7 smartphone, it still cannot make up the Taiwanese company's sales losses in the high-end market.