BlackBerry CEO is "pleased with our progress" despite large Q4 loss

Blackberry recorded a big financial lost for its last fiscal quarter, but the recently named CEO of the company, John Chen, was downright cheerful in his comments about the future of the smartphone business.

BlackBerry didn't sell too many of its BB10 smartphones in its last quarter.

The results for the fiscal fourth quarter, which ended on March 1st, showed that BlackBerry had a loss of $423 million, compared to a profit of $98 million from a year ago. Revenues for the quarter were $976 million, down 64 percent for a year ago. BlackBerry said that it sold 3.4 million of its phones in the quarter, but only 1.1 million of them were using the new BB10 operating system.

Sounds bad, right? Chen, however, stated in the press release that things were looking up for the company. He is quoted as saying:

I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule. BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.

The company hopes to expand its BBM business to more platforms, including Windows Phone devices, and hopes to generate revenues from the messaging service via features like stickers. The company is also continuing to work on improving BB10; information about the 10.3 upgrade was leaked a few days ago.

Source: BlackBerry | Image via BlackBerry

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vcfan said,
its working wonders for htc

and Lenovo.. they just had to buy Motorola because they could not gain much traction themselves

It's in his best interest to be optimistic for the sake of salvaging investors.
But as a company, they're still screwed. The ship will sink eventually.

Astra.Xtreme said,
It's in his best interest to be optimistic for the sake of salvaging investors.
But as a company, they're still screwed. The ship will sink eventually.

I disagree.. this has been going on for soo long that they have had time to respond.. its not like the sales of their devices just plummeted .. As long as they cut costs and become a much smaller company they will be fine in the long run..

Lachlan said,

I disagree.. this has been going on for soo long that they have had time to respond.. its not like the sales of their devices just plummeted .. As long as they cut costs and become a much smaller company they will be fine in the long run..

Well revenues are down 64% in the past year, so that sounds to me like their sales have plummeted. They can cut all the costs they want, but they simply don't have a single product that can compete on the market. It's far too late for them, and they'll just continue to hemorrhage money until they go bankrupt.

It's even past the point of anybody wanting to buy them out. They just don't have anything of value.