Manufacturer says it made a loss of £63 million in Q3, with revenue below what it had predicted following Q2 results
HTC has reported its first quarterly loss as revenue also continued to decline.
Announcing unaudited financial results for the three months to September 30, the manufacturer made a net loss of NT$2.97 billion (£63 million).
This compares to a profit of NT$1.25 billion (£27 million) in Q2, which was down 83 per cent from the previous quarter. For Q3 2012, HTC posted a net profit NT$3.9 billion (£83 million).
Revenue stood at NT$47.05 billion (£1 billion) for the latest quarter, down from NT$70.7 billion (£1.6 billion) in Q2. Its third quarter revenue was below the forecast of between NT$50 billion (£1.06 billion) and NT$60 billion (£1.28 billion) made by HTC when it announced its Q2 results in July.
Following the publication of those figures, HTC CEO Peter Chou (pictured) said the firm had struggled “mainly” due to gaps in the mid-tier market, having offered considerable focus in the high-end space.
It released the HTC One Mini at the start of August, with Chou saying the addition of such products would help it compete with rivals across all price points.
The manufacturer also launched its new marketing campaign later that month, fronted by Hollywood actor Robert Downey Jnr, debuting its new brand slogan ‘Here’s To Change’.