HTC posts £100 million losses for third quarter

Manufacturer posted a slight profit for same period of last year, but tough market saw revenue almost half to £400 million

HTC has posted quarterly losses for the second consecutive quarter after seeing revenue halve to NT$21.40 billion (£430 million) for its third quarter.

The Taiwanese manufacturer posted operating losses of NT$4.94 billion (£100 million) for the three months ending September 30, compared with operating profit of NT$0.16 billion (£3.2 million) during the same period last year.

Net losses before tax was NT$4.49 billion, down from profits of NT$0.64 billion in Q3 last year, though lower than the losses posted in Q2, when HTC blamed lower demand of its high-end range for net losses of NT$8.0 billion.

It comes less than two months after the manufacturer announced plans to cut its workforce by up to 35 per cent as part of a cost cutting exercise.

HTC was unavailable for further comment on its latest financial results.