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Blackberry Posts A Net Loss Of $965M

|Includes:BlackBerry Ltd. (BBRY)

Originally published at www.seclive.com

BlackBerry Ltd (NASDAQ:BBRY) reported a net loss of $965M in its second quarter financial results for the 2014 fiscal year, continuing a decline from its pre-announcement last week warning of poor results. The company did not help quell investor apprehension as it did not disclose how many subscribers it had, a number it reported in previous quarters. Additionally, the company changed the way it recognizes revenue, which typically consisted of total phone shipments. This quarter BlackBerry announced it would not count unsold new phones in its revenue. BlackBerry announced last week that its operating loss would be high, due to a $1B charge in unsold phones, and that it would lay off 4,500 employees. The company announced Monday that it had reached a tentative deal with its largest shareholder, Fairfax Financial Holdings, which intends to take BlackBerry private in a $4.7B transaction.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: BBRY