HTC revenues almost halved as firm reports losses of £167m

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Revenue fell from £1.3 billion to £691 million in second quarter despite launch of M9 flagship smartphone

HTC has seen its revenues almost halve over the the last year after reporting losses of NT$8.03 billion (£167 million) for the three months ending May 30.

The Taiwanese manufacturer saw revenues dip from NT$65.06 billion (£1.3 billion) in Q2 2014 to NT$33.01 billion (£691.71 million) in Q2 this year.

It ended a run of four straight quarters in which HTC had reported modest net profits, including profits of £231 million for the first three months of this year.

HTC did not disclose shipment numbers in the unaudited profits, but it launched its flagship HTC One M9 device at Mobile World Congress in March, meaning sales from the device were included in this set of results.

Chairwoman Cher Wang, who returned to day-to-day operations last year and has also been doubling as chief executive since late March, has said the company “is moving beyond the smartphone business.” It has recently launched a fitness band and a virtual reality device.

HTC’s shares in Taipei fell from NT$73.80 before the announcement to a record low of NT$71.10 on June 30. This compares with an all-time high of NT$1,300.00 in April 2011.

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