BlackBerry to leave hardware business, posting $372M loss in quarter.
BlackBerry says it arrangements to end all internal hardware development, indicating a strategic shift for a company that built its status on innovative smartphone technology made at its base in Waterloo, Ont.
The move was declared by BlackBerry CEO John Chen as the company issued its most recent financial report Wednesday morning. BlackBerry posted a 31.8% fall in second-quarter income. The company reported a net loss of $372 million US, or 71 cent a share, on income of $334 million.
A year prior, BlackBerry reported a profit of $51 million, or 24 cents a share, on income of $490 million. Excluding one-time items, the company said it made back the initial investment.