[Gerard Fraser]

No down almost 20%,You have to be kidding me.What a shame.

[Superfly_FR]

Press Release: BlackBerry reports Q1 2014 earnings | CrackBerry.com may explain why. Not read already.

June 28, 2013 07:00 ET
BlackBerry Reports First Quarter Fiscal 2014 Results
WATERLOO, ONTARIO--(Marketwired - June 28, 2013) - Research In Motion Limited (doing business as BlackBerry�) (NASDAQ:BBRY)(TSX:BB), a world leader in the mobile communications market, today reported first quarter results for the three months ended June 1, 2013 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).
Q1 Highlights:
Revenue $3.1 billion, up 15% sequentially from the previous quarter
North America revenue grows sequentially 30%, APAC revenue grows 35%, EMEA revenue grows 9%
LATAM revenue declines 6% as Venezuela foreign currency restrictions negatively impact $72 million of service revenue recognition in the first quarter; company gross margins negatively impacted by 2%
Shipments of 6.8 million smartphones, up 13% sequentially from the previous quarter
GAAP loss from continuing operations of $84 million, or $0.16 per share
Adjusted loss from continuing operations of $67 million, or $0.13 per share
Venezuela foreign currency restrictions impact reported GAAP earnings and adjusted earnings by approximately $0.10 per share; excluding such impact, adjusted earnings in-line with previously provided outlook of approaching breakeven financial results
Cash flow from operations of $630 million
Cash and investments balance of $3.1 billion
Q1 Results
Revenue for the first quarter of fiscal 2014 was $3.1 billion, up 15% from $2.7 billion in the previous quarter and up 9% from $2.8 billion in the same quarter of fiscal 2013. The revenue breakdown for the quarter was approximately 71% for hardware, 26% for service and 3% for software and other revenue. During the quarter, the Company shipped 6.8 million BlackBerry smartphones and approximately 100,000 BlackBerry PlayBook tablets.
GAAP loss from continuing operations for the quarter was $84 million, or $0.16 per share diluted, compared with a GAAP income from continuing operations of $94 million, or diluted earnings per share of $0.18, in the prior quarter and GAAP loss from continuing operations of $510 million, or $0.97 per share diluted, in the same quarter last year.
Adjusted loss from continuing operations for the first quarter was $67 million, or $0.13 per share diluted. Adjusted loss from continuing operations and adjusted diluted loss per share exclude the impact of pre-tax charges of $26 million ($17 million on an after tax basis) related to the Cost Optimization and Resource Efficiency ("CORE") program. This impact on GAAP loss from continuing operations and diluted loss per share from continuing operations are summarized in the table below.
The total of cash, cash equivalents, short-term and long-term investments was $3.1 billion as of June 1, 2013, compared to $2.9 billion at the end of the previous quarter, an increase of approximately $200 million from the prior quarter. Cash flow from operations in the first quarter was approximately $630 million. Uses of cash included intangible asset additions of approximately $335 million and capital expenditures of approximately $83 million.
"During the first quarter, we continued to focus our efforts on the global roll out of the BlackBerry 10 platform," said Thorsten Heins, President and CEO of BlackBerry. "We are still in the early stages of this launch, but already, the BlackBerry 10 platform and BlackBerry Enterprise Service 10 are proving themselves to customers to be very secure, flexible and dynamic mobile computing solutions. Over the next three quarters, we will be increasing our investments to support the roll out of new products and services, and to demonstrate that BlackBerry has established itself as a leading and vibrant player in next generation mobile computing solutions for both consumer and enterprise customers."
Outlook
The smartphone market remains highly competitive, making it difficult to estimate units, revenue and levels of profitability. Throughout the remainder of fiscal 2014, the Company will invest in BlackBerry 10 smartphone launches, and the roll out of BlackBerry Enterprise Service 10, to continue to establish the new BlackBerry 10 platform in the marketplace. The Company will also invest resources to evolve BlackBerry Messenger into a leading cross platform mobile social messaging application, and launch other revenue initiatives associated with new services and emerging mobile computing opportunities. Based on the competitive market dynamics and these investments, the company anticipates it will generate an operating loss in the second quarter. The company will also continue to implement the cost savings and process-improving initiatives it started last year, in order to drive greater efficiency throughout the company, and redirect capital from these savings to areas of investment that will drive future revenue growth.

WTF ? There's not much to worry about ????

[matthewriedle]

anyone have a link to the results?

[take99]

wow just wow

[Charles Martin1]

Okay, relax. The initial reaction will be huge. Need to see what the guidance will be.

[aristoftw]

They're guiding to a loss for next Q

Posted via CB10

[OMGitworks]

Loss, plus light revenue plus "highly competitive" market with no visibility. Ouch.... Hope the call helps, but it's a pretty ugly early assessment. I think the lack of visibility going forward may hurt the most. Hopefully TH is better about that on the call. Ugh!!!

[take99]

3.1 bill cash is up, north america income is up

[greggebhardt]

Okay, relax. The initial reaction will be huge. Need to see what the guidance will be.

Guidance? From TH? Come on!

[take99]

gross margin down, so much for gus's theory

[matthewriedle]

Well the numbers are all ok except for the EPS which is a head scratcher for me
Edit gross margins down 2% and the revenue is low.

You have to think that they are paying somewhat of a price for the staggered roll outs.

Cash is up, cash flow is up. hmm..

[greggebhardt]

"BlackBerry revealed an adjusted fiscal first-quarter loss of 13 cents a share, compared to Wall Street’s expectations of a profit of six cents per share. Sales of $3.1 billion also came in shy of forecasts of $3.36 billion. Shares of the embattled smartphone maker tumbled 16% in pre-market trading. "

[matthewriedle]

"BlackBerry revealed an adjusted fiscal first-quarter loss of 13 cents a share, compared to Wall Street’s expectations of a profit of six cents per share. Sales of $3.1 billion also came in shy of forecasts of $3.36 billion. Shares of the embattled smartphone maker tumbled 16% in pre-market trading. "

Yeah, these are not great numbers for sure. very disappointing. Hopefully there will be something in the details to soothe the pain

[Shanerredflag]

Ouch

Posted via CB10

[Kid Vibe]

Oy, people seem worried here... Should we be?

[Tinomane]

WTF cant believe this.

[BThunderW]

So much for Q10 selling as good or better than S4.

[Superfly_FR]

Oy, people seem worried here... Should we be?

Well, that's not as good as we could reasonably expect ... they have to do the show in conf ....

[OMGitworks]

Oy, people seem worried here... Should we be?

Hopefully TH can salvage it on the conference call. Unfortunately its not his strong suit, but I am hoping. Other then a 200M increase in cash I haven't seen much to help us. I am sure there is some other good news, but it's mostly very ugly.

[greggebhardt]

Oy, people seem worried here... Should we be?

If you just lost almost $18k, would YOU be worried?

[take99]

revs are up, margins down, 400 mill extra in marketing and 72 mill in missed payments from Venezuela (-10c EPS on its own)

Cash is up to 3.1

That's it in a nutshell

[matthewriedle]

I think the EPS number is by far the ugliest. The others are all up, just not as much as we would like - I think the impact of the staggered roll outs is having its effect.

Edit - claimed that the Venezuela not paying their bill cost them 0.10c a share
so almost breakeven after that.

I think the markets will calm down as should we all.

[OMGitworks]

I bet somebody is very glad his/her option order got screwed up yesterday. Savings of $20,000+???? (Looking for a silver lining here)

[take99]

cmon really? maybe in a few select markets, nobody claimed this was ever a widespread phenomena

So much for Q10 selling as good or better than S4.

[OMGitworks]

I think the EPS number is by far the ugliest. The others are all up, just not as much as we would like - I think the impact of the staggered roll outs is having its effect.

If they say Q2 will be a loss and there is no visibility on sales, that may hurt a lot more than the loss.