Blackberry Reports Q3 Loss of US$4.4 Billion

Blackberry Reports Q3 Loss of US$4.4 Billion

Blackberry has just reported a Q3 operating loss of a staggering US$4.4 billion. The huge loss, the company said, is primarily due to one-time charges related to unsold smartphones and a decline in company's assets.

Sales Blackberry's new Blackberry 10 devices are not good and attributed to over a quarter of Blackberry's loss for Q3. Over 4.3 million Blackberry phones were sold in Q3, but 3.2 million of them were older Blackberry 7 devices.

Blackberry made a profit of US$14 million in the same quarter last year, and only reported a loss of US$965 million in the last quarter.

Despite the bad results, CEO John Chen was upbeat and said:

“With the operational and organizational changes we have announced, BlackBerry has established a clear roadmap that will allow it to target a return to improved financial performance in the coming year. While our Enterprise Services, Messaging and QNX Embedded businesses are already well-positioned to compete in their markets, the most immediate challenge for the Company is how to transition the Devices operations to a more profitable business model.”

In the months ahead, Blackberry will continue to cut operating costs and has just inked a 5-year deal with Foxconn manufacture and co-design future Blackberry devices and also manage inventory on these devices, reducing Blackberry's risk of unsold product.

Source: Ars Technica

All News Categories

News for Past 12 Months

Subscribe to HWZ Here!

Subscribe now to receive latest tech news, articles and promotions straight to your inbox!
By signing up, you indicate that you have read and agreed to the and .

Obsessed with technology?
Subscribe to the latest tech news as well as exciting promotions from us and our partners!
By subscribing, you indicate that you have read & understood the SPH's Privacy Policy and PDPA Statement.