Confirmed: BlackBerry Posted Almost A $1 Billion Loss In Q2
BlackBerry has confirmed how bad their Q2 earnings were. BlackBerry posted a $965 million loss for the second quarter on revenues of $1.6 billion. One of the major reasons for the loss was because of a $934 million charge for unsold Z10 phones. They also reported a $72 million charge related to staff layoffs.
BlackBerry lost $0.47 per share for the quarter, which was above Wall Street estimates of $0.49 per share. BlackBerry pre-announced the earnings last week and said that they were going to cut 4,500 jobs. BlackBerry said last week that they would be reporting a loss of between $930 and $960 million for the quarter because of weak demand for the Z10.
“We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure,” stated BlackBerry CEO Thorsten Heins. “We are focused on our targeted markets, and are committed to completing our transition quickly in order to establish a more focused and efficient company.”
BlackBerry said that he would not be holding an earnings call on Friday to talk about the financial results. The reason is because of a recent acquisition officer from Fairfax Financial Holdings.