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Business

BlackBerry’s quarterly loss touches $965 mn

Canadian tech pioneer BlackBerry, which earlier this week agreed to a $4.7 billion buyout, said on Friday that it has made a quarterly loss of $965 million. The Ontario-based company, formerly a leader in mobile phone technology, has been squeezed by rivals Android and Apple, steadily losing market share, a trend which continues according to its latest earnings report.

‘We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure,’ said BlackBerry CEO and President Thorsten Heins.

He added that the company is putting in place ‘the necessary changes to create the best business model’ for its ailing product.
‘We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with $2.6 billion in cash and no debt,’ Heins said.

‘We are focused on our targeted markets, and are committed to completing our transition quickly in order to establish a more focused and efficient company.’

BlackBerry announced this week that it signed a letter of intent with a group led by Fairfax Financial Holdings Ltd, which has offered to acquire the company.
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