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| Blackberry reports $965m second quarter loss | Blackberry reports $965m second quarter loss |
| (35 minutes later) | |
| Blackberry has reported a second quarter net loss of $965m (£600m) following a slump in sales. | |
| The company warned investors last week that it would report a loss of up to a billion dollars, due to poor sales of its new smartphones. | The company warned investors last week that it would report a loss of up to a billion dollars, due to poor sales of its new smartphones. |
| It also announced 4,500 jobs cuts in a bid to stem those losses. | It also announced 4,500 jobs cuts in a bid to stem those losses. |
| Earlier this week Blackberry agreed to be bought by a consortium led by Fairfax Financial, its biggest shareholder, for $4.7bn (£3bn). | Earlier this week Blackberry agreed to be bought by a consortium led by Fairfax Financial, its biggest shareholder, for $4.7bn (£3bn). |
| Blackberry said it would continue to explore other options while negotiations with Fairfax continued. | Blackberry said it would continue to explore other options while negotiations with Fairfax continued. |
| The company's financial problems came to a head this year following disappointing sales of its new Z10 smartphone. | The company's financial problems came to a head this year following disappointing sales of its new Z10 smartphone. |
| Sales were so poor that Blackberry had to write off $934 million in the second quarter to account for the weakness. | |
| Disappointment | |
| Released in January - after many delays - the phone has failed to enthuse consumers. | Released in January - after many delays - the phone has failed to enthuse consumers. |
| The firm reported total sales of $1.6bn compared to $3.1bn in the same quarter of 2012, a near 50% fall. | |
| "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, Blackberry's chief executive. |