The Waterloo-based firm reported a US$636-million loss—or US$1.14 a share—for the quarter ended May 31, down from a US$41-million loss for the same quarter last year. The company also cut US$594 million from the value of its Spark unit, a device-management platform. (The Globe and Mail)
Talking point: The company’s QNX car-operating system has lost revenue due to a slowdown in the auto sector during the pandemic. As of mid-June, BlackBerry had lost nearly 20 per cent in share value, precipitating its removal from the TSX blue-chip index. The company had been shedding value for years, however, falling from its peak of more than $84 billion to less than $4 billion. Its ouster from the blue-chip index could have a compounding effect on its share value. Still, in a call with analysts following the earnings report, CEO John Chen said turning a profit by the end of the fiscal was still in the cards.