HTC managed another honorable performance in Q3 2014, beating analyst expectations for a small profit.

In the quarter ending September 30, HTC made $1.37 billion in revenue and $21 million in unaudited profit, which isn’t much by the standards of large mobile companies, but still above the $7.1 million forecasted by 13 analysts polled by Reuters Thomson.

HTC made $2.17 billion in revenue and $75.5 million in profit in Q2 2014, while in Q3 last year saw $1.55 billion in revenue and a stingy $98.6 million loss.

In other words, Q3 was down compared to last quarter, but significantly better than the same quarter last year.

HTC’s small profit in the quarter that just ended was thanks to cost cutting measures and improved efficiency, as the company hinted in its previous earnings briefing. That’s good news, but HTC needs to swing to a profit based on good sales, rather than belt-tightening.

Over the last three months, HTC relied on the sales of the One (M8), Desire 816, and One (E8) as the main revenue sources, but now the company can look forward to a new generation of revenue drivers, with the new Desire 510 and Desire 820 at the mid-range, a potential new One variant, and the Nexus 9 tablet, co-developed with Google.

In other HTC news, shares reacted positively at the appointing of 17-year HTC veteran David Chen as Chief Marketing Manager, replacing Benjamin Ho, who left in July. David Chen is also heading product development for the company.