HTC's Q3 financial results are in: weak revenue and big losses
The HTC U12+
After releasing its revenue report for the month of October last week, today HTC has published its financial report for the third quarter of 2018 and, despite efforts to reduce costs, the company experienced yet another loss.
For the period ending September 30, HTC saw total revenues of just $130.8 million, a figure which represents a drop of almost $400 million versus the previous year. However, it's worth noting that the Taiwan-based company’s efforts to reduce operating costs were very noticeable, going from a whopping $453 million a year ago to just $123 million during the latest quarter. Rather unfortunately, though, HTC still posted a pretty big loss of $84 million for the three-month period. For reference, the company lost $68.3 million in Q2.
Despite these negative numbers, HTC says it continued to see “major developments” across its virtual reality business thanks to the company’s investments in both its hardware and software platforms. With the brand still reporting losses each quarter, though, it’s unclear how major these developments actually are.
The company does also appear focused on its smartphone business and noted the launch of its recent Exodus 1 blockchain phone. Considering the limited interest in this kind of device, though, it’ll remain to be seen if it positively impact HTC’s financial status in the near future.