BlackBerry Ltd. says its net loss surged to US$144 million in its latest quarter as revenues fell 32 per cent.
The Waterloo, Ont., based company, which reports in U.S. dollars, says it lost 25 cents per share in the three months ended Aug. 31, compared with a loss of four cents per share or US$23 million a year earlier.
The loss includes 12 cents per share for a non-cash accounting adjustment to the fair value of the convertible debentures as a result of market and trading conditions.
Excluding one-time items, it swung to an adjusted loss of US$33 million or six cents per share, versus an adjusted profit of $58 million or 10 cents per share in the second quarter of its fiscal 2021.
BlackBerry was expected to report an adjusted loss of seven cents per share and a net loss of 13 cents per share on US$163.5 million of revenues, according to financial data firm Refinitiv.
The company says it has appointed John Giamatteo, who was president and chief revenue officer at McAfee, as president of its cybersecurity business effective Oct. 4.