Taiwan-based HTC’s struggles continued as the company reported a 74.5 per cent decrease in quarterly revenue.
In its Q3 financial statement, the company reported revenue of TWD4 billion ($129.5 million), down from TWD15.7 billion in the same quarter if 2017, as it continued to feel the pain of a shrinking smartphone market.
Despite the heavy dip in revenues, HTC’s net loss narrowed from TWD3.1 billion in Q3 2017 to TWD2.6 billion in the recent quarter: its operating loss also narrowed, from TWD3.3 billion to TWD2.8 billion.
In the recent period, HTC reported progress in lowering operating costs and said it aims to continue investmenting in future technology and ecosystem development.
The company has been in a downward spiral for years, although it did return to the black for a brief period in Q1 when it sold assets to Google for $1.1 billion.
Last month, the company revealed prices and specifications for the Exodus 1, a blockchain-based smartphone which it hopes will drive a turnaround, while adding it is seeing “major developments” in its VR portfolio.Subscribe to our daily newsletter