Business & Economy

BlackBerry posts significant loss of $4.4B

File: A Blackberry cell phone is seen at Fixx wireless on November 4, 2013 in Miami, Florida.
File: A Blackberry cell phone is seen at Fixx wireless on November 4, 2013 in Miami, Florida.
Joe Raedle/Getty Images

BlackBerry is reporting a massive $4.4 billion loss in the third quarter and 56 percent drop in revenue.

The results are the Blackberry's first under new chairman and interim chief executive John Chen.

BlackBerry also announced it is entering in to a five-year partnership with Foxconn, the world's largest manufacturer of electronic products. Foxconn will jointly develop and manufacture certain new BlackBerry devices and manage the inventory of them.

BlackBerry reported revenue of $1.2 billion, down 56 percent in the same quarter last year.

Its adjusted loss from continuing operations was $354 million, or 67 cents per share. Analysts polled by FactSet, on average, expect a loss of 43 cents per share on revenue of $1.66 billion.

Chen has said the company "is very much alive" but is putting more emphasis on Blackberry's software business than its failed hardware business.