BlackBerry Reports Net Loss of $84 Million for Q1, 2.72 Million BlackBerry 10 Smartphones Shipped
BlackBerry reported a net loss of $84 million or $.16/per share, far lower than the net profit of $0.07 that analysts expected. The company's stock opened 25% lower on the TSX.
BlackBerry shipped 6.8 million smartphones in the quarter and 40% (2.72 million) of those were BlackBerry 10 devices. Notably, the U.S. launch of the Q10 smartphone didn't occur until after the end of the reported quarter; however, the company is also forecasting an operating loss for the next quarter.
BlackBerry Q1 Highlights:
● Revenue $3.1 billion, up 15% sequentially from the previous quarter
● North America revenue grows sequentially 30%, APAC revenue grows 35%, EMEA revenue grows 9%
● LATAM revenue declines 6% as Venezuela foreign currency restrictions negatively impact $72 million of service revenue recognition in the first quarter; company gross margins negatively impacted by 2%
● Shipments of 6.8 million smartphones, up 13% sequentially from the previous quarter
● GAAP loss from continuing operations of $84 million, or $0.16 per share
● Adjusted loss from continuing operations of $67 million, or $0.13 per share
● Venezuela foreign currency restrictions impact reported GAAP earnings and adjusted earnings by approximately $0.10 per share; excluding such impact, adjusted earnings in-line with previously provided outlook of approaching breakeven financial results
● Cash flow from operations of $630 million
● Cash and investments balance of $3.1 billion
You can find the release here