Market Overview

BlackBerry Releases Dismal Preliminary Q2 Results

After shares were halted at 3:00 pm EST on Friday, embattled smartphone producer BlackBerry (NASDAQ: BBRY) released some preliminary second quarter results ahead of its report next Friday, and the report was nothing short of awful.

The company announced its sales for the second quarter would come in at $1.6 billion, far below street estimates of $3.06 billion, while also guiding a second quarter operating loss of between $950 and $995 million.

Furthermore, the company announced it would be cutting 4500 jobs, confirming reports from earlier this week that it would be cutting its workforce.

Later on in the report, the company said its smartphone sales would come in at 3.7 million units, and that it had formed a special committee to continue to evaluate strategic options for the company.

BlackBerry shares got smashed following the release, spiking down over 20 percent to $8.44.

Posted-In: News Guidance Movers Tech

 

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