HTC posts Q3 loss that was lower than expected
Taiwanese smartphone maker HTC Corp. ( ) on Monday reported a lower-than-expected loss per share for the third quarter thanks to company-wide measures to reduce costs.
The Taoyuan-based company’s revenue in the July- September quarter was NT$21.40 billion (US$654.8 million), in line with its previous estimates, and its operating loss was NT$4.94 billion.
HTC’s net loss after tax was NT$4.48 billion, or a loss per share of NT$5.41, lower than the loss per share of between NT$5.51 and NT$5.85 originally forecast by the company.
In the second quarter, HTC reported an operating loss of NT$5.1 billion and a one-time charge of NT$2.9 billion for idled assets and prepaid expenses, translating into a loss per share of NT$9.7.
The second-quarter results followed an HTC announcement on Aug. 13 that it would cut 15 percent of its global workforce, or around 2,250 jobs, as part of the company’s business realignment plan to seek “significant profitable growth with a leaner and more agile operating model.”
HTC shares closed up 0.15 percent at NT$65.7 in Taipei trading on Monday prior to its earnings announcement.