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HTC Reports Q1 Lower Revenues, Net Loss

Taoyuan, Taiwan – HTC posted a double-digit revenue decline and a net loss in the first quarter. 4/07/2014 10:20:00 AM Eastern

Taoyuan, Taiwan – HTC posted a double-digit revenue decline and a net loss in the first quarter.

Revenue declined of 22.6 percent to NT$33.1 billion ($1.09 billion) from the year ago period and the company reported a net loss after taxes of NT$1.88 billion ($62.1 million) compared with a year-ago profit.

First-quarter operating losses rose 28 percent to NT$2.05 billion compared with the fourth quarter’s loss of NT$1.6 billion ($52.9 million), marking the third consecutive quarter of operating losses.

The first-quarter operating loss contrasts with a year-ago operating profit of NT$43.4 million ($1.43 million).

Net losses of NT$1.88 million ($62.1 million) after taxes compare with a year-ago net profit of NT$85.1 million ($2.8 million) and a fourth-quarter profit of NT$310 million ($10.2 million), which was the result of a one-time sale of the remaining shares it owned in Beats Electronics.

The quarter ended March 31.

In fiscal 2013 ending December, revenues fell 29.6 percent to NT$203.4 billion ($6.7 billion). Operating losses hit NT$4 billion ($33 million) compared with 2012’s operating profit of NT$18.8 billion ($621 million), and net losses hit NT$1.33 billion ($43.9 million) compared with 2012’s net profit of NT$17.6 billion ($52.9 million).