From bad to worse: Blackberry announces $965 million loss

From bad to worse: Blackberry announces $965 million loss
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Published September 28th, 2013 - 20:35 GMT via SyndiGate.info

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Blackberry's is way past its golden age.
Blackberry's is way past its golden age.
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BlackBerry said on Friday that it lost $965 million in the past quarter, confirming preliminary figures showing a rapidly eroding picture for the Canadian smartphone maker.

The company, which had given a preliminary estimate for its second fiscal quarter results, acknowledged the figures were weak, but said it hopes for a turnaround with a planned $4.7 billion buyout, which would take the firm private.

“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,” said Thorsten Heins, president and chief executive.

He added that the company is putting in place “the necessary changes to create the best business model” for its ailing product.

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