BlackBerry Limited Reports Net Loss of $42 Million in Q2 2023
Company's Revenue at $132 Million for the Quarter
BlackBerry Limited,(BB) a technology company incorporated under the Laws of Ontario, has reported its financial results for the second quarter of 2023. The company faced a net loss of $42 million during the quarter while generating $132 million in revenue. This report provides an overview of BlackBerry's financial performance, highlighting key figures from their Consolidated Statements of Operations and Consolidated Balance Sheets.
Net Income/Loss
BlackBerry reported a net loss of $42 million for the three months ended August 31, 2023. This loss represents a significant improvement compared to the same period in the previous year when the company reported a net loss of $54 million. Despite the loss, the company appears to be making strides toward financial recovery.
Revenue
The company's revenue for the second quarter of 2023 stood at $132 million. This figure marks a notable drop from the same period in the prior year when BlackBerry reported revenue of $168 million.
Financial Overview
- Gross Margin: BlackBerry achieved a gross margin of $85 million in Q2 2023, with a gross margin to revenue percentage of 64.4%. This shows an improvement from the previous year's gross margin of 63.1%.
- Operating Expenses: The company's operating expenses totaled $132 million for the quarter. These expenses included research and development, selling, marketing, administration, and amortization costs.
- Balance Sheet: BlackBerry's balance sheet showed total assets of $1.613 billion as of August 31, 2023. This includes cash and cash equivalents, short-term and long-term investments, and other assets.
- Liabilities: The company reported total liabilities of $784 million, consisting of accounts payable, accrued liabilities, income taxes payable, debentures, and deferred revenue.
BlackBerry's financial performance in Q2 2023 demonstrates a reduction in losses compared to the same period last year, although the revenue shrunk year over year.
