BlackBerry loses $84M despite increased shipments, revenues
BlackBerry reported the financial results for the quarter that ends June 1 and there's some good news and some bad news. The company saw an uptick the two previous quarters, but this quarter ended with an operating loss of $84 million.
On the positive side, revenue was up to $3.1 billion, 15% higher than the previous quarter and 9% more than the year ago quarter. Shipments were up too – BlackBerry shipped 6.8 million devices, up from 6 million in the previous quarter.
The report doesn’t tell how many BlackBerry Z10s were shipped, the previous quarter it was 1 million). The Z10 was the sole shipping BlackBerry 10 product, but this quarter it was joined by the more affordable, QWERTY-equipped Q10. The lower-end Q5 launched at the beginning of the next quarter in the shifted fiscal year of the Canadian company. As for BlackBerry's sole tablet, the PlayBook, it shipped 100,000 units.
BlackBerry reports increased revenue from North America (30%), APAC (35%) and EMEA (9%), but Latin American revenue dropped by 6% (BB is blaming Venezuela's foreign currency restrictions).
At the end of the quarter BlackBerry's cash, equivalents, short and long-term investments totaled $3.1 billion, up from $2.9 billion at the end of the quarter before that.
BlackBerry expects to continue losing money over the next quarter too, but the company will continue its cost cutting efforts and focus on the BlackBerry 10 OS, Enterprise Service 10 and BlackBerry Messenger.
Update: Uh-oh. Investors didn't react kindly to BlackBerry's financial report and the company's stock took a massive beating - it's down over 26% at the time of writing.