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BlackBerry’s revenues fall 34% to $793m from $1.19 billion in third quarter

BlackBerry’s revenues fall 34% to $793m from $1.19 billion in third quarter

LONDON: BlackBerry’s revenues fell 34% to $793 million from $1.19 billion. That’s far below the $931 million in revenues analysts were expecting.

But the company shrunk its net loss to $148 million, or 28 cents a share, vs. a year-ago loss of $4.4 billion, or $8.37 a share. On an operating basis, BlackBerry broke into the black, generating $43 million in cash flow.

The earnings report, which came two days after BlackBerry released its latest handset, dubbed the Classic, sent shares falling 0.8% Friday, to close at $9.99.

Under new CEO John Chen, who joined the company more than a year ago, BlackBerry has cut costs, launched new devices and grown its security software business.

During a conference, Chen called the third quarter revenue numbers “not satisfying” and said he will need another couple of quarters before revenues will turn the corner.

The Classic has a physical keyboard — like the BlackBerry of old — a larger screen and an expanded app library with access to Amazon’s Android App store.

Colin Gillis, an analyst at BGC Partners, one of the few Wall Street analysts with a buy rating on the stock, saw positive signs in the third quarter report.