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BlackBerry posts massive $4.4 billion loss in Q3

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BlackBerry has announced that Foxconn will jointly design and manufacture some new BlackBerry devices. BlackBerry has announced that Foxconn will jointly design and manufacture some new BlackBerry devices.
SummaryBlackBerry CEO John Chen hopes to make the company profitable again by 2016.

long emphasized security.

"It opens up some security concerns. If you are a government agency with national security data running through your phones do you have concerns now that they are made by Foxconn," Gillis said.

Apple Inc.'s products are assembled by Foxconn in vast factories in China.

BlackBerry's net loss amounted to $8.37 per share in the latest quarter. Its adjusted loss from continuing operations, which excludes restructuring and other items, was $354 million, or 67 cents per share.

Analysts polled by FactSet, on average, expect an adjusted loss of 43 cents per share on revenue of $1.66 billion.

Shares of BlackBerry slipped 13 cents, or 1.8 percent, to $6.14 in morning trading Friday.

BlackBerry did report a strong cash position at the end of the quarter with the $3.2 billion and no debt.

The BlackBerry, pioneered in 1999, had been the dominant smartphone for on-the-go business people and other consumers before Apple introduced the iPhone in 2007 and showed that phones can handle much more than email and phone calls. In the years since, BlackBerry Ltd. been hammered by competition from the iPhone as well as Android-based rivals.

Chen is putting more emphasis on BlackBerry's mobile device management business, which allows IT departments to manage different devices connected to their corporate networks. He is also emphasizing BlackBerry's popular BlackBerry Messenger application that is now also available on Apple and Android devices. And he is also emphasizing Blackberry's embedded QNX software systems, which are used in-vehicle infotainment systems and industrial machines.

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