Monday 09 May 2016 1:28 pm

After Apple, another smartphone maker is feeling the slowdown – this time, HTC

It's tough time in the smartphone market these days.

Pretty much everyone who's going to get one has already got one – in established markets at least – and that means the market is, in fact, more finite than firms imagined when growth rocketed over the past few years. Even for the likes of Apple.

But it's HTC which is the latest brand to feel that stagnation, reporting net losses of T$2.6bn (£60m) in the first quarter of the year and a T$4.8bn operating loss, while revenue plummeted 64 per cent for the three months to the end of March to T$14.8bn. compared to the same period last year.

The Taiwanese firm remains confident that it can compete with Apple and Samsung with its newest device, the HTC 10, and its entry into the world of virtual reality, the Vive, sales of which will be revealed in its second quarter figures.

"The media and consumer buzz around HTC, including for the keenly-awaited launches of the flagship smartphone and Vive virtual reality system, clearly demonstrate our leadership in innovation and have provided a great boost to the HTC brand," said HTC chief Cher Wang.

"We have been working hard to lay the groundwork over the past year, streamlining processes and optimising resources to enable us to develop the best products in the most effective way.”

HTC is not alone in its slowdown, with giant Apple experiencing a blip in its decade-long streak of record-busting sales. However, Samsung was able to buck the trend with an earlier launch if its flagship Galaxy S7 giving it a much needed boost.

The launch is a crucial one for HTC, which has lost market share in recent years. CCS analyst Ben Wood told City PM at the time of the HTC 10 launch. "If this doesn't do well, there'll be questions about how long they can keep competing on the smartphone market. It's critical."