BlackBerry Reports Third-quarter Loss of $4.4 Billion, Worse Than Analysts Expected

Posted by Knowlton Thomas

Today BlackBerry reported a $4.4 billion third-quarter loss, falling short of analyst expectations.

The company's stock rose 12% on the news.

BlackBerry says that 75% of devices sold during the quarter were legacy devices running BlackBerry OS 7.

 

SEE ALSO: Key Executives Leaving BlackBerry

 

The company burned through $400 million cash for its operations but still managed to increase its cash holdings to $3.2 billion, largely thanks to the $1 billion it raised from Fairfax Financial in November.

Revenue for the quarter was $1.2 billion, down 56% from the same quarter last year.

 

RELATED: BlackBerry Lays Off More Employees in Canada

 

On a positive note, BBM has gained a whopping 40 million new users since the app launched on iPhone and Android.

 

Company:
BlackBerry
Website:
http://www.blackberry.com
Location:
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 did we introduce a... more


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Knowlton Thomas

Knowlton Thomas

Knowlton is the managing editor of Techvibes. 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 playing tennis, hiking, and exploring weird side streets. more



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