Blackberry reported a big net loss of 47 cents a share in the second fiscal quarter according to USA Today.
"We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure," Blackberry chief executive officer Thornton Heins said in statement issued with the earnings report USA Today reported. "We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with $2.6 billion in cash and no debt."
Spending more money than what's coming has been a major cause for the company's struggles. A new deal could turn the tech company's fortunes. The deal would be with the company's biggest stockholder in Fairfax Holdings at $9-a-share. If the deal goes through, the transaction would value BlackBerry at $4.7 billion.
This quarter, Blackberry brought in $1.6 billion and lost $965 million or $1.84 a share USA Today reported. During last year's quarter, the company brought in $2.9 billion with a loss of $229 million or 44 cents a share.
The company recorded net losses of $248 million or 47 cents per share from continuing operations USA Today reported. Per share losses were on the downside of the 47 cent to 51 cent range that Blackberry cautioned about last week when it unveiled initial quarter results, and said it was going eliminate 4,500 positions.
In addition, the company reported $72 million in pretax restructuring expenses. While Blackberry raked in $136 million in cash flow from operations during quarter, the company had bigger numbers in $630 million the previous quarter, which ended June 1.
On a lighter note, the retailer's shares were on the upside during trading Friday morning at 75 percent USA Today reported. Blackberry expects to file a summary of its financial results next week.
