Blackberry reports dismal Q3 earnings as revenue falls 56% from prior year
GAAP loss from continuing operations for the quarter was $4.4 billion
Eben BlackBerry’s competitors have to look on in horror at the latest earnings report from BlackBerry: a loss of $4.4 billion (CAD) on revenues that were down sharply. Revenue was around $1.2 billion, down $380 from the previous quarter, and down 56 percent from a year ago.
The adjusted loss from continuing operations for the third quarter was $354 million, while the GAAP loss from continuing operations for the quarter was $4.4 billion.
John Chen, Executive Chairman and Chief Executive Officer of BlackBerry did the best he could with the news: “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,” Chen said.
“We have accomplished a lot in the past 45 days, but still have significant work ahead of us as we target improved financial performance next year. However, the Company is financially strong, has a broad and trusted product portfolio to work with, a talented employee base and a new leadership team dedicated to implementing our new roadmap.”
BlackBerry announced a new 5-year strategic partnership with Foxconn where the two companies will jointly develop and manufacture certain new BlackBerry devices.
But BlackBerry simply isn’t selling devices, moving 1.5 million fewer units than it did in the last quarter.