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HTC has just released financial figures for the month of April, which, unlike earlier Q1 figures, takes into account the launch window for the new flagship HTC One M9. Unfortunately for the company, the results are actually the worst revenue figures for April that the company has posted in the last 6 years.

Consolidated revenue reached NT$13.5 billion (US$440 million) in April, down a substantial 33 percent compared with the promising figures posted in March and down 39 percent from the same period last year. This is HTC’s lowest monthly revenue for April since 2009’s figure of NT$11.4 billion.

Typically, April is a strong month for HTC as its new flagship smartphone boosts sales. Therefore, the blame for this poor performance is being pointed squarely at the HTC One M9, which doesn’t seem to have grabbed consumer attention following its launch last month.Industry observers have already amassed a wide range of theories as to why the One M9 has not met initial expectations. Speculation ranges from a lack of defining features compared with the One M8, to Snapdragon 810 performance issues, and the announcement of the HTC One M9+ overshadowing some of the handset’s features.

“Revenue for last month was weaker than expected, which was due to poor M9 demand,” – anonymous Yuanta Securities Investment Consulting Co analyst

At the end of April, HTC published promising Q1 2015 earnings, posting revenues that were up 25 percent over the previous year. This suggested that the company’s broader product portfolio was having some success. However, HTC is now downgrading its Q2 2015 revenue target to NT$46 billion to NT$51 billion and is expected to miss its yearly sales targets. BNP Paribas has forecast that HTC’s total smartphone shipments will reach 18 million units this year, a decline of 13 percent compared with 2014.

2015 looks set to be another testing year for HTC, which has been attempting to turn its financial fortunes around for quite some time. Can you put the finger on the company’s problems?

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