It’s another black eye for BlackBerry.
On Friday, the embattled Canadian smartphone maker reported losses totaling $4.4 billion and a 56 percent decline in revenue for its fiscal third quarter.
BlackBerry’s loss of 67 cents per share also missed Street expectations of a 46-cent per-share loss.
“[T]he most immediate challenge for the company is how to transition the devices operations to a more profitable business model,” John Chen, BlackBerry’s interim CEO, said this morning.
But potentially aiding this transition, the New York Times reports, will be the company’s new partnership with China-based manufacturer Foxconn.
BlackBerry said that it would jointly develop and manufacture some phones with Foxconn in the future, including a new model aimed at the Indonesian market, and that Foxconn “will manage the inventory of those devices.”
According to the same report, BlackBerry will still control all of the “intellectual property” in mobile phones created through the partnership with Foxconn.