Taipei, Taiwan's smartphone maker HTC Corp. saw its consolidated revenue in February drop to the lowest level in over 18 years, mainly because it has not released a range of new products and due to fewer workdays in that month because of the Lunar New Year holiday.
HTC's consolidated revenue in February was NT$630 million (US$20.42 million), a monthly decrease of 37.62 percent but a yearonyear fall of 76.07 percent, the lowest level since it began trading on the stock market in 2003 and also since October 2000, the company reported Wednesday.
In the first two months of the year, HTC's consolidated revenue was NT$1.63 billion, a decline of 72.89 percent from the same period of last year, according to the report.
Market analysts attributed the revenue plunge to the company's failure to launch new smartphones, virtual reality (VR) equipment and 5G products and the fewer work days in the month.
Facing a tough smartphone market, HTC has reduced the number of new smartphone launches and shifted its focus to developing leadingedge technologies for blockchain, 5G networking, augmented reality and VR.
Sales of its VR products, however, did not make significant contributions to its revenues in recent months, market analysts said.
Nevertheless, although HTC has yet to release its financial report for the fourth quarter of 2018, market analysts predicted that Google's US$1.1 billion deal to acquire most of HTC's smartphone design division, which closed last year, will help boost its annual profit for 2018.
For the first three quarters of 2018, HTC's aftertax net profit was NT$20.03 per share.
Source: Focus Taiwan News Channel