HTC on Monday announced its financial results for the first quarter of 2014, having recorded the second down quarter of its history as a public company. The smartphone maker posted a first-quarter loss of NT$1.88 billion, or roughly $62 million in USD. Analysts were expecting the company’s loss to be narrower at NT$1.59 billion. In the year-ago quarter, HTC managed a small profit of NT$85 million.

The company’s revenue saw a big decline in the first quarter this year as well, slipping nearly 23% to NT$33.12 billion, or approximately $1 billion in USD.

This storm cloud does have a silver lining, however.

HTC said that following 28 months of consecutive declines, its revenue finally rose 2.16% in March. The company’s new flagship HTC One (M8) smartphone, which we called the best Android phone the world has ever seen when we reviewed it last month, was available for just seven days in March, though it was not available for sale at AT&T, Sprint or T-Mobile stores.

HTC also said that it expects to return to profit in the second quarter this year as its HTC One (M8) continues to roll out in the U.S. and around the world.