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BlackBerry reports large second quarter loss

Struggling smartphone maker BlackBerry reported a major net second quarter loss Friday and said is is burning cash at a higher rate as it moves to execute a tentative deal that could take the company private.

Revenue for the quarter ended Aug. 31 was $1.6 billion, with a net loss of $965 million, or $1.84 a share. That compares with revenue of $2.9 billion and a loss of $229 million, or 44 cents a share, for the same quarter last year.

Adjusted net loss from continuing operations was $248 million, or 47 cents per share. The per-share loss was on the low side of the 47 cent-to-51-cent range that BlackBerry warned of last week, when it announced preliminary results and plans to lay off 4,500 employees. Wall Street analysts had expected a loss of 49 cents a share.  Read More

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Posted on September 27, 2013, in #business news and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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