Results are slightly worse than analysts expectations but manufacturer will hope to return to profitability with launch of HTC One M8
HTC lost £37.5 million in Q1 2014 but the struggling smartphone manufacturer says it expects to return to profitability following the launch of the One M8 in late March.
The 1.88 billion Taiwanese dollar (NT$) loss was slightly higher than the NT$1.59 billion (£31.7 million) that some analysts had been predicting. It also compares unfavourably with the small £1.7 million profit it made over the same period 12 months ago.
The firm released the One M8 handset (pictured) – the successor to the award-winning HTC One – on March 25 and will be banking on it providing an upturn in sales.
“The company expects to see positive trajectory of its revenue in April from March and forecasts quarter on quarter revenue growth in the second quarter,” the company said in a statement.
Revenue for Q1 was NT$33.12 billion (£661 million), a fall of almost a quarter from Q1 2013 when its sales totalled NT$42.8 billion (£857 million).
It also missed its own sales forecast as the manufacturer had predicted it would achieve sales of NT$34-36 billion.