BlackBerry Posts Nearly $1 Billion Loss in Q2

BlackBerry’s second quarter earnings were bad by pretty much every standard except the incredibly low one set by BlackBerry.

The company posted a $965 million loss in the second quarter on revenue of $1.6 billion due mostly to a massive $934 million charge for unsold Z10 phones as well as a $72 million charge related to staff layoffs. Excluding these charges, BlackBerry lost $0.47 per share for the quarter, which was actually slightly above Wall Street estimates for a loss of $0.49 per share

While the earnings report was bad, it certainly wasn’t a surprise. BlackBerry pre-announced last week that it planned to cut 4,500 jobs and would report a loss of between $930 million to $960 million for the quarter due to lower-than-expected demand for the Z10. Read more…

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