Boston, MA 12/23/2013 (wallstreetpr) – Troubled Canadian mobile handset and technology giant BlackBerry Ltd (NASDAQ:BBRY) continued its dismal financial performance with recently reported mounting losses worth $4.4 billion for its recent third quarter ended, or a negative $8.37 a share, as against $9 million in net income for the corresponding quarter a year ago, amounting to $0.02 a share. Blackberry’s net loss for the quarter, excluding one-time items, stands at $354 million or $0.67 a share. While gross profits plunged further to the loss-intensified $1.3 billion from the already loss-ridden $374 million a year earlier, net revenue came down 56% in the quarter to about $1.2 billion year-on-year, falling way behind consensus analyst estimates of $1.58 billion and dashing investor hopes of the debut of an anticipated imminent turnaround.
BlackBerry Ltd (NASDAQ:BBRY) the Waterloo, Ontario-based device maker, along with contemporary rival Nokia, has been battling steadily eroding revenues and bottom lines for many years now in the face of intensified competition and increasingly fierce market conditions, which reduced its market share since the advent of revolutionary technology like the iPhone by Apple and Android by Google, which took the phone and tablet markets by storm.
Though global industry leaders like Google, Intel, SAP, Lucky Goldstar (LG), Samsung and more recently, networking leader Cisco, dropped by to express propitious interests to buy out the fast-capsizing firm in response to its invitations to bid, BlackBerry Ltd (NASDAQ:BBRY)’s board strongly desisted from acceding to any sell-off strategies. Instead, Blackberry took the private route to raise market capital to the tune of $4.7 billion or $9 per share by entrusting entire equity eventually to a private investment group led by Toronto-based insurance firm Fairfax Financial Holdings. BlackBerry Ltd (NASDAQ:BBRY) shares have seen some revival post the private equity strategy. The company’s stocks climbed about 15% in December 20 trading on NASDAQ to $7.22 from their previous $6.25 close.
