We’re seriously running out of taglines to describe the horror show that continues to play out in Waterloo, with BlackBerry unable to stop itself from hemorrhaging money. A couple of days ago we had a small glimpse into the doomsday numbers we were expecting today, as news spread that the company was letting go two more of its top-level executives before third quarter results were released. So when BlackBerry announced it had wrote down a staggering $4.4 billion loss, and a 56 percent revenue decline — we weren’t surprised.
CEO John Chen who was put in to gut out and clean up the cesspool left by his predecessors, had this to say in the company’s press release.
“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,” Chen said. “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.”
In addition to the company’s insane losses, they reported $1.2 billion in revenue, which is down 24 percent from the previous quarter. Chen also took the time to mention BlackBerry’s new five-year strategic partnership with Foxconn. The giant Chinese manufacturer will help BlackBerry develop and build new phones, while also managing the inventory. Both plan to focus more on delivering low-end cell phones to smaller developing countries.