TORONTO - BlackBerry (BBRY) is reporting a massive $4.4 billion loss in the third quarter and 56 percent drop in revenue.
The results are the Blackberry's first
under new chairman and interim chief executive John Chen.
BlackBerry also announced it is
entering in to a five-year partnership with Foxconn, the world's largest
manufacturer of electronic products. Foxconn will jointly develop and
manufacture certain new BlackBerry devices and manage the inventory of them.
BlackBerry reported revenue of $1.2
billion, down 56 per cent in the same quarter last year.
Its adjusted loss from continuing
operations was $354 million, or 67 cents per share. Analysts polled by FactSet,
on average, expect a loss of 43 cents per share on revenue of $1.66 billion.
Chen has said the company "is
very much alive" but is putting more emphasis on Blackberry's software
business than its failed hardware business.