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

Smartphone maker sees little demand for its Z10 smartphone

BlackBerry Loses Nearly $1 Billion in

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%.