BlackBerry posts $423 million net loss in fourth quarter

Mar 28 2014, 21:47 IST
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BlackBerry's revenue declined 64 pct to $976 mn in Dec-Feb from $2.7 bn in the same quarter a year ago. PTI BlackBerry's revenue declined 64 pct to $976 mn in Dec-Feb from $2.7 bn in the same quarter a year ago. PTI
SummaryBlackBerry's revenue declined 64 pct to $976 mn in Dec-Feb in the same quarter a year ago.

cent to USD 6.8 billion.

During fiscal 2014, Blackberry incurred about USD 512 million in pre-tax charges related to the CORE programme and strategic review process.

During Q4, the company recorded a recovery of previous charges against inventory and supply commitments of about USD 149 million (USD 106 million after tax).

BlackBerry said the charges reflect increased sell through rates, relative to previous estimates and assumptions, resulting from discounted pricing and revised orders on hand for devices and components of BlackBerry 10 products.

During Q3, the firm had non-cash, pre-tax charges against inventory and supply commitments of about USD 1.6 billion, primarily attributable to BlackBerry 10 devices.

Once a leader in the global smartphone market, BlackBerry lost market share steadily and now trails Samsung and Apple.

Last month, BlackBerry said it would sell most of its real estate holding in Canada to improve operational efficiencies in the face of mounting losses and unsold handset inventory.

It also sold its US headquarters at Irving, Texas, to Canadian Brookfield Property Group.

The move was seen as a part of broader efforts to conserve cash and fund turnaround efforts amid intense competition from Apple's iOS and Google's Android operating system-based smartphones.

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