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HTC Corp. swings to loss in Q1

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HTC Corp. swings to loss in Q1

HTC Corp. said its first-quarter normalized net income was a loss of NT$3.46 per share, compared with the S&P Capital IQ consensus estimate of a loss of NT$2.27 per share.

The per-share result swung to a loss from the prior-year profit of 39 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of NT$2.87 billion, compared with income of NT$322.7 million in the prior-year period.

The normalized profit margin dropped to negative 19.3% from 0.8% in the year-earlier period.

Total revenue fell 64.3% on an annual basis to NT$14.82 billion from NT$41.52 billion, and total operating expenses decreased 52.7% year over year to NT$19.62 billion from NT$41.50 billion.

Reported net income totaled a loss of NT$2.62 billion, or a loss of NT$3.16 per share, compared to income of NT$356.1 million, or 43 cents per share, in the prior-year period.

As of May 16, US$1 was equivalent to NT$32.63.