Taiwanese smartphone maker HTC reported its fiscal second quarter earnings Thursday with results slightly beating expectations.
HTC reported a net profit of US $75.6 million ($2.26 billion New Taiwan dollars), an 80 percent increase from the same quarter a year ago, and ahead of the NT$2.09 billion analysts anticipated.
HTC also managed to dig itself out of a three-quarter streak of operating losses, with the current quarter posting an operating profit of NT$2.43 billion. Revenue however was down from the same time last year, coming in at NT$65.06 billion and barely meeting HTC's guidance range of between NT$65 billion and NT$70 billion.
Hopes of a financial turnaround for the smartphone maker hung heavily on the company's new flagship handset for 2014, the HTC One M8, which rolled out in March. HTC's CFO Chang Chialin told investors during a conference call in May that earnings would return to profit for the June quarter, as sales of the M8 continued climbing.
HTC chief executive Peter Chouthat the company was witnessing a "positive customer response" to the new flagship phone: "We have dramatically improved our operational efficiency and supply chain readiness to ensure immediate availability on the launch day."
The device seems to have buoyed the quarter somewhat, but the company still struggles to compete with rivals Samsung and Apple – both of which are expected to release next-generation smartphones later this year.