BlackBerry Ltd is facing a rather sad position as it posted another loss and a 47.3 percent fall in third-quarter revenue.
BlackBerry announced earlier today said it failed to make up for shrinking handset sales and lost service fees.
The Waterloo, Ontario-based company said it had a net loss of $117 million, or 22 cents a share, on revenue of $289 million. A year ago, it reported a net loss of $89 million, or 17 cents a share, on revenue of $548 million.
Excluding one-time items, the company said it earned 2 cents a share, so far this year.
The problem with BlackBerry have become a broken record. After dropping the RIM corporate name, many people suggested that BlackBerry slided into coma. None of its major smartphone could garner up to 10% market share.
The company is running out of cash fast, according to its latest result, total cash, cash equivalents, short-term and long-term investments was approximately $1.6 billion as of November 30, 2016.
It is not clear if BlackBerry will be joining the Android platform and focusing on its device durability, design and not worry itself with building the operating system, a race it has long lost to Android and Apple iOS.
However, the company is changing its direction and people will have to stop looking at BlackBerry as a smartphone company. In the press statement released by the company, John Chen, Executive Chairman and CEO, BlackBerry said “BlackBerry is now a software company and the market leader in mobile security”. How it stays through to this strategic direction still remains to be seen. With its baggage of valuable patents, BlackBerry is not done yet.
In case you are already forgetting the once mobile giant, BlackBerry Limited, formerly known as Research In Motion Limited(RIM), is a Canadian-based multinational wireless telecommunications software and mobile hardware company best known to the general public as the developer of the BlackBerry brand of smartphones and tablets, but is transitioning to becoming a worldwide provider of secure and high reliability software for industrial applications and mobile
BlackBerry might also be going for sale as suggested by analysts in the tech equities sector.