World News

Tuesday 29 July 2014

BlackBerry announces £600m loss

Published 27/09/2013|13:01

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BlackBerry has posted a £600 million loss for the second quarter

BlackBerry says it is committed to completing a series of major changes quickly after posting a nearly billion-dollar loss and a 45% drop in revenue for the second quarter.

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The troubled smartphone company reported a loss of 965 million dollars (£600m ) and revenue of 1.6 billion dollars (£1bn), in line with what it warned when it surprised the market by pre-releasing dismal earnings projections last week and announcing 4,500 layoffs.

The company posted revenue of 2.9 billion dollars (£1.8bn) in the second quarter last year.

The adjusted loss was 248 million dollars (£154m) or 47 cents per share this quarter. That's far below the loss of 16 cents per share projected by Wall Street last week.

Fairfax, BlackBerry's largest shareholder, subsequently announced it plans to make an offer for Blackberry and is trying to attract other investors. BlackBerry cancelled its conference call with analysts on Friday in light of that overture.

AP

Press Association

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