Blackberry Ltd inks deal with Foxconn to build low-end phones

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BlackBerry signed a partnership with Taiwan's Foxconn to build low-end devices for sale in emerging markets. (Reuters) BlackBerry signed a partnership with Taiwan's Foxconn to build low-end devices for sale in emerging markets. (Reuters)
SummaryBlackBerry said it hoped to expand the relationship with FoxConn to its top-of-the-line smartphones.

with older BlackBerry 7 models accounting for about 3.2 million of that number.

The company recognized hardware revenue on 1.9 million devices, down from 3.7 million in the previous quarter.

On a brighter note, its cash pile grew to $3.2 billion from $2.6 billion a quarter earlier, but that included $1 billion raised by issuing convertible notes to a group of investors last month after calling off a months-long search for a buyer.

Service revenue slipped 13 percent as fewer people paid to use BlackBerry's secure network, and the company said that level of decline could be expected to continue.

Along with the writedown on unsold phones, the company also slashed by $2.7 billion the carrying value of some long-lived assets, mostly licensing deals made when it was far larger.

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