HTC has reported net losses of NT$2 billion (US$66.12 million) on revenues of NT$14.5 billion for the first quarter of 2017. The company has booked losses for eight consecutive quarters.

First-quarter losses represented a significant improvement from the losses of NT$3.09 billion a quarter earlier and NT$2.61 billion a year earlier period. EPS for the first quarter was negative NT$2.47.

Continued processes to realign its organizations and manpower structure helped reduce its operating expenses by 20% sequentially in the first quarter, HTC said. Gross margin thus climbed to 16.3% in the first quarter, compared to 10.45% in the previous quarter and 9.36% a year earlier.

HTC also booked foreign exchange transaction gains of NT$88 million during the January-March period thanks to proper hedging approaches, HTC noted.

Meanwhile, HTC said it will adjust its smartphone strategy and plans to release only 5-6 high-end models in 2017, according to Chang Chia-lin, president of HTC's smartphone and connected devices business unit.

However, R&D expenses for smartphones will not be reduced as HTC will continue to roll out innovative smartphones to maintain its growth momentum in the high-end segment, Chang noted.

HTC is scheduled to unveil its new flagship model, tentatively named the HTC U 11, on May 16. The model is powered by Qualcomm's high-end smartphone chip, the Snapdragon 835.