CL Financial’s (CLF) majority shareholder Lawrence Duprey, as well as a new group called the Clico Stakeholders’ Alliance (CSA), are formulating legal action to block Government’s proposed sale of...
You are here
BlackBerry revenue falls below US$1 billion
TORONTO—BlackBerry reported a steep drop in profit and revenue Friday as it transitions from a smartphone company to a software business under its new chief executive. Shares rose five per cent in morning trading as CEO John Chen cut expenses quicker than expected.
The Canadian company lost US$423 million, or 80 cents per share. Adjusted for one-time items, however, the company lost 8 cents per share, much better that the losses of 56 cents per share that Wall Street had expected, according to a poll by FactSet. Revenue fell to $976 million, the first time the company has seen revenue fall below $1 billion since late 2007, and short of the $1.1 billion analysts had projected. Blackberry reported revenue of $2.7 billion in the same quarter last year.
It is the second quarterly results under Chen, who is deemphasising the hardware business after last year’s launch of the BlackBerry 10 failed to spark a turnaround. BlackBerry has been hammered by competition from the iPhone as well as Android-based rivals.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff.
Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments.
Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.