3/28/2014 2:15:00 PM
BlackBerry posts $5.9bn (£3.54bn) loss for fiscal 2014
BlackBerry continued to haemorrhage money after posting a $5.9 billion (£3.54bn) loss in its fiscal 2014 results.
The deficit is a large increase on the $628 million (£377m) loss posted in its fiscal 2013 results. An LLA impairment charge of $2.5 billion (£1.5b) after tax and Q4 fiscal inventory recovery of $1.63 billion (£979m) after tax contributed the most. The Canadian manufacturer also incurred a $934 million (£561m) inventory charge ($666 million after tax).
BlackBerry’s Q4 2013 results revealed revenues of $976 million, (£586m) down $217 million (£130m) (18%) from $1.2 billion (£721m) from Q3 and declining 64% year-over-year from $2.7 billion (£1.6b).
Around 3.4 million smartphones were sold to end customers in Q4, with 2.3 million being BlackBerry 7 devices.
BlackBerry CEO John Chen said: ‘I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule. BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.’