Unsurprisingly, HTC still isn’t doing very well financially.
The Taiwanese company released its Q1 earnings for 2017, revealing declines across the board.
In Q1 2017, HTC recorded a profit of TWD 14.5 billion ($658 million CAD.) Though this is a massive number, it’s 35 percent less than what the phone company made in Q4 2016. However, many companies look at profit on a year-over-year decline, instead of a quarter-by-quarter. In comparison to Q1 2016 and Q1 2017, HTC experienced just a two percent decrease.
HTC shared an operating loss of TWD 2.4 billion ($108 million CAD) in comparison with its 2016 Q4 operating loss of TWD 3.6 billion ($164 million CAD.)
HTC’s operating loss may have been less than last year, but the company had to make a number of cuts in order to make that happen. The company slashed research and development spending by 14 percent and sales and marketing by 35 percent. The Taiwanese manufacturer also cut its general administration spending by 25 percent when compared to last year.
The manufacturer’s next smartphone, the HTC U11, is set to be revealed next week.