Taiwanese phone maker HTC posts deep losses for Q1

Taiwanese phone maker HTC posted its second loss in three quarters, showing a bigger-than-expected loss of $62 million. The below-par results come just as the company launches its flagship smartphone, the HTC One M8, a key component to the company's turnaround plans. The company posted losses in October, approximately $101 million, as marketing budgets have shrunk and stiffer competition has affected sales. The company, once synonymous with Google's Android OS, is now struggling to keep up with competitors like Samsung, Lenovo and ZTE, falling out of the list of top five smartphone makers at the end of 2013. The biggest growth in the phone market is in the low-cost and mid-tier phones, where even firms like Apple and Samsung have been unable to compete with Chinese firms like Huawei, Lenovo and ZTE. In February, HTC cofounder Cher Wang admitted that the company had put all its attention on its flagship One smartphone and missed a huge chunk of the mid-tier and low-cost phone market. The company announced that it would focus on mid-tier and low-end phones in the $150-$200 price range. But this is a fine line to walk as selling cheap devices could affect its reputation for making quality products. The One M8, will, due to delays, be going up against Samsung's Galaxy S5, which is slated to be released April 11.