HTC released another quarterly earnings report this week and once again the beleaguered Taiwanese company posted dismal resul… actually, wait. It didn’t! Bloomberg reports that HTC not only reported a better-than-expected profit of NT$470 million in Q4 2014 but it also posted year-over-year sales growth for the first time in more than three years.

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What accounts for this surprising turn of events? Bloomberg says that the company’s strategy of making more mid-range and low-end devices and selling them to emerging markets has started to pay off.

“HTC’s new tablet computer and phones aimed at developing markets helped stave off competition from the iPhone 6, a top-seller in the Christmas shopping period, and Chinese makers such as Xiaomi Corp,” Bloomberg explains.

We’ll see if these results hold up over more quarters but right now it at least looks like after a tough few years, HTC has stopped the bleeding and may even be ready to start growing again.