Reformatting the entire phone leaves you with hardware tat has no software to run it. A software update n top of that can really mess it up. (There's no "update" software after the reformat.) Bring it to your carrier and see if they can help you.
Welcome to Android Central! Which phone? It would help to know what you mean when you say you tried to reformat the phone. Do you mean you did a factory reset? Was the update an official system update pushed to the phone over-the-air, or did you install it manually?