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HTC Falls Into Red In Q3

Taoyuan, Taiwan – HTC finally went into the red in its fiscal third quarter following seven consecutive quarters of double-digit percentage declines in net profit.

The smartphone maker’s third-quarter net loss after taxes hit NT$2.97 billion ($101.2 million) compared to a year-ago net profit of NT$3.9 billion, unaudited results show. Sales fell 33 percent to NT$47.1 billion ($1.6 billion), marking the seventh consecutive quarter of double-digit percentage declines.

The third-quarter operating loss was NT$3.5 billion compared to a year-ago operating profit of NT$4.9 billion. Net loss before taxes was NT$2.97 billion compared to a year-ago net profit before taxes of NT$8.9 billion.

Currencies were converted at a rate of $1=NT$29.4.