TAIPEI: Taiwanese smartphone maker HTC said on Monday its first-quarter revenue plunged by more than half, but that losses in its struggling business should end later this year as it banks on a new flagship product. Revenue from January to March was down 64 per cent year-on-year to 14.8 billion Taiwanese dollars ($456 million), while net loss in the period was 2.6 billion Taiwanese dollars, the company said in a statement.