UPDATE: BlackBerry Ltd Posts Narrower-Than-Expected Q2 Loss, Shares Surge
Shares of BlackBerry Ltd (NASDAQ: BBRY) jumped more than 4% in pre-market trading after the company reported a narrower-than-expected second-quarter loss.
The Waterloo, Canada-based company posted a quarterly net loss of $207 million, or $0.39 per share, versus a year-ago loss of $965 million, or $1.84 per share. Excluding non-recurring items, it posted an adjusted loss of $0.02 per share.
Its revenue declined to $916 million from $1.57 billion. However, analysts were expecting a loss of $0.16 per share on revenue of $942.93 million.
Revenue from North America fell to $297 million from $414 million in the year-ago period, while revenue from Europe, Middle East and Africa dipped to $368 million from $686 million. Revenue from Latin America dropped to $111 million from $196 million, while Asia Pacific revenue declined to $140 million from $277 million.
During the quarter, the company sold around 2.4 million BlackBerry smartphones.
As of August 30, 2014, BlackBerry's total cash, cash equivalents, short-term and long-term investments was $3.1 billion.
“We delivered a solid quarter against our key operational metrics, and we are confident that we will achieve breakeven cash flow by the end of FY15,” said John Chen, Executive Chairman and CEO, BlackBerry. "Our workforce restructuring is now complete, and we are focusing on revenue growth with judicious investments to further our leadership position in enterprise mobility and security, driving us towards non-GAAP profitability during FY16."
BlackBerry shares surged 4.08% to $10.20 in pre-market trading.
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