BlackBerry will stop manufacturing the hardware for its smartphones and instead outsource that to partners, the Waterloo-based company said on Wednesday as it reported another loss and sharp drop in revenue.
Shares of BlackBerry gained more than five per cent on the TSX following the announcement.
The net loss came to $372 million US, or 71 cents a share, on revenue of $334 million, as the company booked $147 million in charges from its reorganization. Second-quarter revenue fell 31.8 per cent from a year earlier.
A year ago, it reported a profit of $51 million, or 24 cents a share, on revenue of $490 million.
‘BlackBerry is no longer just about the smartphone, but the smart in the phone.’
– BlackBerry’s John Chen
Excluding one-time items, the company said it broke even. On that basis, analysts had on average expected an adjusted loss of five cents a share on revenue of $393.75 million, according to
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