{"id":225229,"date":"2016-06-24T15:06:17","date_gmt":"2016-06-24T15:06:17","guid":{"rendered":"http:\/\/citifmonline.com\/?p=225229"},"modified":"2016-06-24T15:06:17","modified_gmt":"2016-06-24T15:06:17","slug":"blackberry-loss-widens-to-670m","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/06\/blackberry-loss-widens-to-670m\/","title":{"rendered":"Blackberry loss widens to $670m"},"content":{"rendered":"
Blackberry has reported a $670m (\u00a3450m) net loss in the last three months, almost triple the loss it made in the previous quarter.<\/p>\n
The heavy fall was due to restructuring costs and a write-down of some assets.<\/p>\n
Without one-off costs, the Canadian mobile phone company posted a $14m profit.<\/p>\n
Despite the hit, Blackberry shares gained in early trading as it said losses for the whole year would be lower than expected.<\/p>\n
Chief executive John Chen said greater efficiencies and strong growth in software and services would trim its losses.<\/p>\n
He said losses would be around 15 cents per share, compared with analysts’ forecasts of 33 cents per share.<\/p>\n
“They have not put figures behind some of their forecasts in quite some time, and hopefully that speaks to improved visibility into the business,” said Morningstar analyst Brian Colello.<\/p>\n
Blackberry is moving away from smartphone sales – in which it has less than 1% of the global market – and towards the device software used by companies and governments.<\/p>\n
The company said sales of its handsets, which had an average selling price of $290, were below projections in the quarter.<\/p>\n
Total revenue across the business dropped 14% to $ 400m in the three months to the end of May.<\/p>\n
–<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
Blackberry has reported a $670m (\u00a3450m) net loss in the last three months, almost triple the loss it made in the previous quarter. The heavy fall was due to restructuring costs and a write-down of some assets. Without one-off costs, the Canadian mobile phone company posted a $14m profit. Despite the hit, Blackberry shares gained […]<\/p>\n","protected":false},"author":14,"featured_media":225231,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[106],"tags":[],"yoast_head":"\n