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UPDATE 1-BlackBerry posts bigger-than-expected loss, shares slump

Published 2015-09-25, 07:41 a/m
© Reuters. UPDATE 1-BlackBerry posts bigger-than-expected loss, shares slump
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(Adds details on results, outlook, expectations)
TORONTO, Sept 25 (Reuters) - BlackBerry Ltd BB.TO BBRY.O
reported a bigger-than-expected second-quarter loss on Friday,
as revenue from smartphone sales slid further, sending shares
down more than 8 percent in premarket trading.
The company said it expects "modest" sequential revenue
growth in the remaining two quarters of its fiscal year, and a
return to profitability in the fourth quarter.
The company confirmed that it would release a smartphone
running Google's GOOGL.O Android operating system. The device,
named 'the Priv,' will be available late this year.
Excluding one-time items like a non-cash credit tied to the
value of debentures and restructuring charges, the Waterloo,
Ontario-based company reported a quarterly loss of $66 million,
or 13 cents a share.
On that basis, analysts polled by Thomson Reuters I/B/E/S
had, on average, forecast a loss of 9 cents a share.
Including the impact of the non-cash gain, in the period
ended Aug. 29, it earned a net profit of $51 million. That
compared with a loss of $207 million a year earlier.
Quarterly revenue fell 46.5 percent to $490 million in the
period, well below the average expectation of $610.6 million.

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