BlackBerry reported a massive quarterly loss on Friday due to an inventory write-down and asset impairment charges, and its shares fell more than 6 percent.The company, which abandoned an attempt to sell itself last month, reported a net loss of $4.4 billion, or $8.37 a share, for the third quarter ended November 30. That compared with net income of $9 million, or 2 cents a share, a year earlier. Excluding one-time items, the company reported a loss of $354 million, or 67 cents a share.Revenue fell to $1.19 billion from $2.73 billion as increased uncertainty about the company's fate led to further sales erosion. The company said it had agreed to a five-year partnership with Foxconn Technology Co Ltd to develop and manufacture a handset for Indonesia as well as other fast-growing markets.
Waterloo, Ontario-based BlackBerry pioneered the concept of on-the-go email, and for years its pagers and phones were must-have devices for political and business leaders. But in recent years it has ceded market share to Apple Inc's iPhone and a slew of smartphones powered by Google Inc's Android operating system.A new line of devices that run on BlackBerry 10 software has failed to win back market share, prompting the company to consider a possible sale earlier this year. Last month, BlackBerry shelved the sales process and opted to refinance by issuing $1 billion in debt to a group of long-term investors, including its top shareholder, Fairfax Financial Holdings.Shares of BlackBerry were down 6.2 percent at $5.86 in trading before the market opened.
Massive loss in Q3
Waterloo, Ontario-based BlackBerry pioneered the concept of on-the-go email, and for years its pagers and phones were must-have devices for political and business leaders. But in recent years it has ceded market share to Apple Inc's iPhone and a slew of smartphones powered by Google Inc's Android operating system.A new line of devices that run on BlackBerry 10 software has failed to win back market share, prompting the company to consider a possible sale earlier this year. Last month, BlackBerry shelved the sales process and opted to refinance by issuing $1 billion in debt to a group of long-term investors, including its top shareholder, Fairfax Financial Holdings.Shares of BlackBerry were down 6.2 percent at $5.86 in trading before the market opened.
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