BlackBerry Loses Nearly $1 Billion in Second Quarter as Sales Drop 45%

BlackBerry Loses Nearly $1 Billion in

Smartphone maker sees little demand for its Z10 smartphone

BlackBerry looked bruised Friday as the company reported $965 million in losses during its fiscal second quarter as demand for its smartphones keeps falling.

The Canadian company generated $1.57 billion in revenue during the three-month frame, 45% less than the second quarter last year when it lost $235 million.

BlackBerry took a $934 million write-down during the period from disappointing sales of its Z10 smartphone, which introduced the company’s BlackBerry 10 operating system.

The earnings results follow BlackBerry’s move to cut 40% of its workforce as it pivots to focus more on the business community.

SEE ALSO: BlackBerry to Lay Off 4,500 Employees, 40% of Global Staff

It started the week by announcing it will go private in a $4.7 billion deal with a group of investors led by Fairfax Financial.

Shares in BlackBerry fell 8 cents to close at $8.03, a loss of 1%.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety