HTC sees Q1 losses of £102m as revenues plummet 64pc

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Taiwanese manufacturer posted revenues of £315 million for three months to March 31, compared with £883m last year

HTC saw revenues plummet by more than 64 per cent to 14.8 billion Taiwanese dollars for the the three months ending March 31.

HTC 10 tableThe Taiwanese manufacturer posted Q1 losses of NT$4.8 billion (£102 million) on an operating margin of -32.4 per cent.

The figures do not include sales of the manufacturer’s latest flagship, which was launched in April and went on sale last week, but mark a continued downward trend for HTC’s financial results.

In the latest filing, CEO and co-founder Cher Wang revealed HTC has made NT$2.1 billion (£44.8 million) in sales of property and assets in Taoyuan, with more expected. It will also look to trim costs through the current quarter and beyond. LAst year, HTC announced plans to axe up to 2,500 jobs worldwide.

Cher-WangWang also said HTC had seen strong initial sales from the HTC 10 flagship and the Vive Virtual reality headset, which it expects to contribute to a stronger Q2 performance.

She added: “The media and consumer buzz around HTC, including for the keenly-awaited launches of the flagship smartphone and Vive virtual reality system, clearly demonstrate our leadership in innovation and have provided a great boost to the HTC brand.

“We have been working hard to lay the groundwork over the past year, streamlining processes and optimising resources to enable us to develop the best products in the most effective way.”

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