BlackBerry Ltd has reported a bigger-than-expected second-quarter loss, as revenue from its once-iconic smartphone slid further.
The Waterloo, Ontario-based company said it expects "modest" sequential revenue growth in the remaining two quarters of this fiscal year and a return to profitability in the fourth quarter.
Excluding one-time items like a non-cash credit tied to the value of debentures and restructuring charges, the company reported a quarterly loss of $66 million, or 13 cents a share. On that basis, analysts polled by Thomson Reuters had, on average, forecast a loss of 9 cents a share. That compared with a loss of $207 million a year ago. Revenue fell 46.5 per cent to $490 million in the quarter, well below the average expectation of $610.6 million.
The company confirmed it would release a smartphone running Google's Android operating system. The device, named 'the Priv,' will be available later this year.
"Priv combines the best of BlackBerry security and productivity with the expansive mobile application ecosystem available on the Android platform,” said Chief Executive John Chen in a statement.