BlackBerry Reports Quarterly Loss of $423 Million, CEO 'Very Pleased' with Numbers

BlackBerry this morning reported a fourth-quarter loss of $423 million, down from a profit of $98 million in the year-ago quarter.

Selling just 3.4 million smartphones—about 68% of which were highly antiquated BlackBerry 7 devices—revenue came in at only $976 million, a steep fall from the $2.68 billion it generated in the year-ago quarter.

Despite these anemic figures, chief executive officer John Chen affirms he is is happy.

“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense-reduction target one quarter ahead of schedule,” he said. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”

The Waterloo-based smartphone maker still has a sizeable cash horde at $2.7 billion, but that pile of dough did shrink—last quarter is was well over $3 billion.

BlackBerry is still in the process of laying off thousands of employees and selling the vast majority of its real estate holdings in a continual effort to cut costs.

Shares in BlackBerry rose 2% on the news, bringing its market cap to just over $5 billion. In 2008, the company's market cap peaked at nearly $90 billion.

Waterloo, Ontario, Canada

Research In Motion (RIM), a global leader in wireless innovation, revolutionized the mobile industry with the introduction of the BlackBerry solution in 1999. Since then, BlackBerry products and services have continued to change the way millions of people around the world stay connected. With the launch of BlackBerry 10, we have re-designed, re-engineered and re-invented BlackBerry. Not only... more

blog comments powered by Disqus

Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes and author of Tempest Bound. Based in Vancouver, Knowlton has been published in national publications and has also appeared on television and radio. Previously he was an editor for New Westminster weekly The Other Press and served on its board of directors. When not working, Knowlton enjoys hiking, tennis, and martial arts. more

Who's Hiring

Recent Comments

Powered by Disqus