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BlackBerry records huge $4.4 billion loss in latest quarter

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Troubled smartphone manufacturer BlackBerry reported its fiscal third-quarter results on Friday, and as expected, the numbers were not good. The company recorded a massive $4.4 billion loss on revenues of just $1.2 billion for the past three-month period.

New CEO John Chen noted that a large portion of the loss came from a massive write-down on unsold BlackBerry 10 handsets, like the Z10 and Z30.

ALSO: BlackBerry 10 gets NATO's seal of approval

Just 1.9 million new BlackBerry devices were sold during the period.

Chen tried to reassured investors that changes were being made to ensure that the firm would better manage inventory in the future. Part of that initiative includes a new arrangement with Chinese-based Foxconn, one of the world's largest electronics manufacturing firms. In the future, BlackBerry will design their new phones, but Foxconn will handle building the devices and management of inventory.

“This partnership demonstrates BlackBerry’s commitment to the device market for the long-term and our determination to remain the innovation leader in secure end-to-end mobile solutions,” said Chen. “Partnering with Foxconn allows BlackBerry to focus on what we do best – iconic design, world-class security, software development and enterprise mobility management – while simultaneously addressing fast-growing markets leveraging Foxconn’s scale and efficiency that will allow us to compete more effectively.”

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