BlackBerry’s (BBRY) struggles continued during its fourth quarter, seeing revenues plummet and posting a $423 million net loss. Fourth-quarter revenue for the period ended March 1 was approximately $976 million, down 64% from $2.7 billion a year ago. The company’s $423 million net loss for the period compares to a $98 million profit for the year-earlier period. On a per-share basis, the company reported a $0.80 loss, but adjusted for one-time items the company lost $0.08 per share.

The company sold approximately 3.4 million BlackBerry smartphones to end users during the quarter, including about 1.1 million phones running the BlackBerry 10 OS. A year earlier, the company said it sold 6 million smartphones.

The company attempting to transition from a smartphone company to a software business, putting more emphasis on its mobile device management business, a collection of software that allows IT departments to manage different devices connected to their corporate networks; BlackBerry’s popular BlackBerry Messenger application; and Blackberry’s embedded QNX software systems, which are used in-vehicle infotainment systems and industrial machines.

BlackBerry also announced last December that it’s entering into a five-year partnership with Foxconn, the Taiwanese company known for its manufacturing contract work on Apple’s iPhones and iPads. Foxconn will jointly design and manufacture most BlackBerry devices and manage inventory of the devices in an agreement that will offload much of BlackBerry’s manufacturing costs.

New CEO John Chen said he is pleased with the progress the company made during the quarter and said in a statement that BlackBerry reached a cost reduction target one quarter ahead of schedule.

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Wayne Thorp

Wayne A. Thorp, CFA, is a vice president and the senior financial analyst at the American Association of Individual Investors (AAII). His primary responsibility is to oversee AAII's content strategy. He is also the program manager for AAII's Stock Investor Pro fundamental stock screening and research database program and is on the advisory boards of AAII's Stock Superstars Report and Dividend Investing newsletters. He holds the Chartered Financial Analyst (CFA) designation and is a 1997 honors graduate of DePaul University in Chicago. Wayne's interests include stock screening, technical analysis and charting, social media and tech gadgets. However, in the summer he'd prefer to be hip-deep in northern Michigan's Manistee River fly-fishing for rainbow trout. He is also a rabid University of Michigan and Detroit Red Wings fan.

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