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Blackberry shares drop due to revenue plunge Blackberry misses expectations as sales stall
(about 5 hours later)
Shares in Blackberry have fallen nearly 6% after the troubled smartphone maker reported a larger-than-expected drop in revenue during the third quarter. Troubled smartphone maker Blackberry has reported a larger-than-expected drop in revenue during the third quarter.
Revenue fell to $793m from $1.19bn a year earlier, missing analyst expectations. Revenue fell to $793m (£507m) from $1.19bn a year earlier, missing analyst expectations.
Chief executive John Chen said the revenue figure was "not satisfying".Chief executive John Chen said the revenue figure was "not satisfying".
However, he added that he thought Blackberry might be able to stabilise and grow its revenues by 2016, but that he could not promise profitability.However, he added that he thought Blackberry might be able to stabilise and grow its revenues by 2016, but that he could not promise profitability.
Blackberry also reported a net loss of $148m for the quarter, significantly less than the $4.4bn loss it reported a year earlier. Blackberry reported a net loss of $148m for the quarter, significantly less than the $4.4bn loss it reported a year earlier.
On Wednesday, the Canadian company launched a new phone called Classic, which was intended to appeal once more to business clients who liked the fact the smartphone included a keyboard. Shares in the company fell over 6% in the wake of the earnings release, before recovering later in the day.
A former titan, Blackberry once had a 50% share of the smartphone market in the US, but now barely ranks. On Wednesday, the Canadian company launched a new phone called Classic, which was intended to appeal to business clients who like the fact that the smartphone maker was best known for its physical, rather than virtual, keyboards.
A former titan, Blackberry once had a 50% share of the smartphone market in the US, but one estimate now puts its share at only 0.5%.