BlackBerry reports $965M loss as unsold phones pile up
WATERLOO, Ont. – BlackBerry says it lost US$965 million in the second quarter as revenue plunged 49 per cent from a year earlier amid dismal sales of its new smartphones.
Revenue for the three-month period was US$1.6 billion.
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The results were in line with a warning issued last week by BlackBerry, when it announced 4,500 jobs will be cut from its global workforce.
The company said Friday it recognized hardware revenue on about 3.7 million BlackBerry smartphones in the quarter, with “most” of the units being its older BlackBerry 7 devices.
On a per share basis, the adjusted loss was equal to 47 cents per share compared to analyst expectations of 48 cents per share, according to a survey by Thomson Reuters
“We are very disappointed with our operational and financial results this quarter,” said chief executive Thorsten Heins in a release.
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