Business

Monday 29 May 2017

HTC reports weak third quarter results

HTC's new One M9 mobile phone
HTC/PA Wire
HTC's new One M9 mobile phone HTC/PA Wire

Paul O'Donoghue

Taiwanese smartphone maker HTC has posted weaker than expected results for the first three months of the year despite recording a fourth successive quarterly profit.

Revenue on an unaudited basis was T$41.52 billion in the first three months of this year, HTC said in a statement.

The company posted an unaudited net profit of T$360m ($11.6m) in the period from January to March. This was a strong improvement compared to a net loss of T$1.88bn in the same period last year.

However, both net profit and revenue fell compared to the previous quarter - HTC had posted Tw$470 million net profit and Tw$47.87 billion revenue in October-December.

The company, once dominant in the smartphone sector, has struggled in recent years while companies such as Samsung, Apple and strong Chinese brands like Lenovo and Huawei have surged ahead.

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