Water is wet, the sky is blue, and HTC bleeds money like no other veteran smartphone manufacturer. Including over the holidays, when believe it or not, the long-struggling Taiwanese company managed to post worse financial results than in a not-so-terrible previous quarter.

While revenues were perfectly flat between October and December 2016, at NT$22.2 billion, operating profit was actually sequentially down. Or rather losses were up, from NT$2 billion during last year’s third quarter to NT$3.6B now, which equates to roughly US$117 million.

Year-on-year, HTC can at least be content with limiting this worrisome deficit, which stood at NT$4.1 billion in Q4 2015, although revenue continued to plunge, from NT$25.7B to the aforementioned NT$22.2B.

That was mainly due to “aggressive management” of operating expenses through “enhanced resource realignment” delivering a 34 percent cost reduction. Though the numbers seem to suggest otherwise, HTC also deems its Q4 2016 sales performance as “robust”, with the 10 evo, Desire 10 pro and lifestyle edition phones said to have been “well received” across “select markets.”

Meanwhile, there’s no word on the recent box-office accomplishments of the Vive VR headset, aside from vague hints regarding the “growing reach of the platform.” That can’t be good either.

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