Canadian tech pioneer BlackBerry, which earlier this week agreed to a US$4.7 billion buyout, said yesterday that it lost US$965 million in the second quarter.
The Ontario-based company has been squeezed by rivals Android and Apple Inc, steadily losing market share, a trend which continues according to its latest earnings report.
“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,” BlackBerry CEO and president Thorsten Heins said.
He added that the company is putting in place “the necessary changes to create the best business model” for its its product that has been steadily losing market share.
“We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with [US]$2.6 billion in cash and no debt,” Heins said.