Taiwanese mobile phone maker HTC has reported a year-on-year increase of 80.8% in net profit for its second quarter. The strong performance was driven by the release of the HTC One M8 phone and new mid-range handsets, said the company.
HTC posted net profit of NT$2.26 billion (US$75.6 million) for the quarter. However, quarterly revenue of NT$65.06 billion was down 8% year-on-year.
The smartphone manufacturer launched its flagship phone in March. According to its CFO, Chialin Chang, the model has outsold last year's handset.
Earlier this year, Chang said that the company had worked to iron out supply-chain problems, had launched low-price smartphones in emerging markets and has begun outsourcing some areas of production as a cost-cutting measure.
The results are a dramatic improvement on its performance in the first quarter where it reported a net loss of NT$1.88bn. It had also posted losses of NT$3 billion for its third quarter in 2013.
With Apple and Samsung leading the handset market, and Asian players such as Huawei Technologies, Lenovo and Xiaomi expanding rapidly in global markets, analysts are still not convinced HTC will be able to make a comeback anytime soon.