BlackBerry reports Q2 2014 results, including $965 million lossAlex Wagner - Editorial Director of News and Content
BlackBerry just can't seem to catch a break lately. The company recently announced plans to cut 4,500 jobs and refocus itself on the prosumer and enterprise markets, and then the highly-anticipated rollout of its official BBM for Android and iOS apps was hit with a major issue that has delayed them both to this day. This morning the company released its full second quarter fiscal 2014 results, and unfortunately for Thorsten and Co., there's some more bad news to be found within.
BlackBerry says that it incurred a net loss of $965 million during Q2 2014, which is an increase from the $84 million loss that it suffered in Q1 2014. A big chunk of that $965 million loss comes from what BlackBerry calls its "Z10 Inventory Charge," a $934 million hit that the company took for its unsold Z10 units. Revenue for the quarter also fell to $1.6 billion, down from the $3.1 billion that the company saw in Q1 2014. BlackBerry also reports that it recorded revenue on sales of 3.7 million smartphones during the quarter, "most" of which were BlackBerry 7 devices.
CEO Thorsten Heins recognizes that Q2 2014 was tough for BlackBerry, saying that the firm is "very disappointed" with its results for the quarter. Heins went on to say that BlackBerry is focused on its target markets and that it hopes to complete its transition to a prosumer/enterprise-focused entity soon so that it can be "a more focused and efficient company." BlackBerry's full Q2 2014 results can be found at the link below.