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Blackberry loss swells to USD 670 mln after writedowns
2016-06-23 15:07:00| Telecompaper Headlines
(Telecompaper) BlackBerry recorded a net loss of USD 670 million for its fiscal first quarter to May, reversing a profit of USD 68 million a year ago. The company took a number of writedowns in the quarter, including USD 501 million on assets, USD 57 million on goodwill and USD 41 million on inventory. Gross profit halved to USD 154 million, as revenue fell to USD 400 million from USD 658 million a year ago. BlackBerry said adjusted EBITDA remained positive for the tenth consecutive quarter and should remain so over the full year. Cash flow should also be positive over the full year, after a cash burn of USD 65 million in Q1, and the company said its more efficient operating model should mean an annual adjusted net loss half what the market currently expects, at around USD 0.15 per share.
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Category:Telecommunications