BlackBerry Loss Widens As Revenue Tumbles

Blackberry Ltd. said Thursday it had a net loss of $670 million, or $1.28 a share, in the first quarter, after income of $68 million, and what the company said was a loss of 10 cents a share, in the year-earlier quarter. Non-GAAP net income was breakeven for the quarter, the company said. Revenue fell to $400 million from $658 million. The FactSet consensus was for a loss per share of 9 cents and revenue of $608 million. The company said its GAAP net loss included the following charges: "a non-cash, long lived asset impairment charge of $501 million, a $57 million goodwill impairment charge, inventory write-down of $41 million, $28 million in amortization of acquired intangibles, stock compensation expense of $12 million, purchase accounting deferred revenue write-down of $24 million, $23 million in restructuring charges, $7 million related to acquisition costs, and a non-cash credit of $24 million for our convertible debt." Shares were indicating slightly higher in light premarket trade, but are down 27% in the year so far, while the S&P 500 has gained 2%.