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Blackberry misses expectations as sales stall | |
(about 5 hours later) | |
Troubled smartphone maker Blackberry has reported a larger-than-expected drop in revenue during the third quarter. | |
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 reported a net loss of $148m for the quarter, significantly less than the $4.4bn loss it reported a year earlier. | |
Shares in the company fell over 6% in the wake of the earnings release, before recovering later in the day. | |
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%. |
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