BlackBerry's second quarter earnings were bad by pretty much every standard except the incredibly low one set by BlackBerry.
The company posted a $965 million loss in the second quarter on revenue of $1.6 billion due mostly to a massive $934 million charge for unsold Z10 phones as well as a $72 million charge related to staff layoffs. Excluding these charges, BlackBerry lost $0.47 per share for the quarter, which was actually slightly above Wall Street estimates for a loss of $0.49 per share.
While the earnings report was bad, it certainly wasn't a surprise. BlackBerry pre-announced last week that it planned to cut 4,500 jobs and would report a loss of between $930 million to $960 million for the quarter due to lower-than-expected demand for the Z10.
See also: Is BlackBerry Done?
“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,” Thorsten Heins, BlackBerry's CEO, said in a statement. "We are focused on our targeted markets, and are committed to completing our transition quickly in order to establish a more focused and efficient company.”
In an unusual move, the company revealed earlier in the week that it would not be holding an earnings call Friday to discuss the results. The company cited its recent acquisition offer from Fairfax Financial Holdings as reason for canceling the call.
BlackBerry's stock increased by as much as 2% in pre-market trading.

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