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BlackBerry loss $965 million

Staff writer ▼ | September 30, 2013
BlackBerry reported second quarter results for the three months ended August 31, 2013. The GAAP loss from continuing operations for the quarter was $965 million.
BlackBerry
BlackBerryBlackBerry reported second quarter results for the three months ended August 31, 2013. The GAAP loss from continuing operations for the quarter was $965 million.


Revenue for the second quarter of fiscal 2014 (all numbers in GAAP) was approximately $1.6 billion, down 49% from $3.1 billion in the previous quarter and down 45% from $2.9 billion in the same quarter of fiscal 2013.

The revenue breakdown for the quarter was approximately 49% for hardware, 46% for service and 5% for software and other revenue. During the second quarter the company recognized hardware revenue on approximately 3.7 million BlackBerry smartphones. Most of the units recognized are BlackBerry 7 devices, in part because certain BlackBerry 10 devices that were shipped in the second quarter of fiscal 2014 will not be recognized until those devices are sold through to end customers.

During the quarter, approximately 5.9 million BlackBerry smartphones were sold through to end customers, which included shipments made prior to the second quarter and which reduced the company's inventory in the channel.

The GAAP loss from continuing operations for the quarter was $965 million, or $1.84 per share diluted, including a primarily non-cash, pre-tax charge against inventory and supply commitments of approximately $934 million (Z10 Inventory Charge), and pre-tax restructuring charges of approximately $72 million related to the Cost Optimization and Resource Efficiency (CORE) program.


 

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