HTC posted audited financial results for Q1 2016 today confirming the massive 64% drop in revenue year-over-year. Revenue for the period starting January 1 until March 31 was a catastrophic $463 million (NT$14.8 billion) compared to Q1 2015’s $1.3 billion (NT$41.52 billion).
Operating loss for the quarter stands at $150 million (NT$4.8 billion) compared to a profit of $11.6 million (NT$360 million) for the same period last year.
HTC was late to the 2016 flagship rumble by a few months and, as a result, the HTC 10 sales aren’t included in the earnings report. Revenue from the Vive VR headset is also omitted. However, the company’s CFO is looking to the two devices as a potential for a turnaround in the coming quarter.
Chairwoman and CEO Cher Wang expressed her plans for the company’s upcoming streamlining and optimization.
“We have been working hard to lay the groundwork over the past year, streamlining processes and optimizing resources to enable us to develop the best products in the most effective way.”