Though BlackBerry’s struggles are no secret, their latest financial results are bittersweet
With big tech powerhouses like Apple, Samsung, and HTC dominating the smartphone market, little old BlackBerry have been left by the wayside as they try their best to recover. Thankfully it seems that paid off as this past Friday BlackBerry revealed their last quarterly financial numbers, and surprisingly they brought in a small profit. Unfortunately that was overshadowed by a surprising drop in revenue that the company wasn’t expecting.
During BlackBerry’s fourth quarter, the company made $28 million in profit, something which is apparently largely attributed to tax recovery and an unspecified patent sale. Though it was a nice chunk of profit for the company, it also suffered a loss of $304 million on $3.3 billion revenue for the year as a whole. The company also saw poor revenue in the last quarter bringing in $660 million, a lot lower than the $792 million analyst had predicted.
As always these results point towards the company’s failing phone business as it tries hard to compete with Android and iOS which currently consume most of the market. Of the two releases, the BlackBerry Passport and the Classic failed to reverse the company’s fortunes, which is a shame.
Also in the results there was some pleasant results from the company’s home in Canada where ITG Investment Research found that BlackBerry sales through Rogers rose 27 per cent in Q4 compared to Q3, Bell Canada also saw an increase in BlackBerry sales, but only by 12 per cent. It wasn’t all good news though as Telus saw a 13 per cent decline in BlackBerry sales. As for the company’s software business, something that BlackBerry are looking after the most due to poor phone sales, saw a total of 20 per cent year on year increase in Q4.
Sadly the future for BlackBerry is looking bleak as larger companies are investing in more advanced tech to throw into their devices such as finger print sensors and curved screens.