BlackBerry reports net income loss of $275 million for Q3 2018

However, the company reported growth in its software and services operations

An image of the BlackBerry logo on the back of a BlackBerry phone

Canadian software company BlackBerry reported a net loss of $275 million USD (roughly $353 million CAD) during its third quarter for 2018.

In its earnings report, released on December 20th, 2017, BlackBerry — the company formerly known for dominating Canada’s mobile hardware manufacturing space — reported a net revenue of $226 million USD.

Additionally, the company reported an operating loss of $258 million USD.

While the loss is certainly substantial for the struggling Canadian brand, CEO John Chen expressed optimism about the company’s software and services divisions.

“Our strategy is working and our execution is yielding results,” said Chen, in a December 20th, 2017 release, in reference to BlackBerry’s work in the software space.

BlackBerry reported that its software and services operations generated $190 million USD in revenue — accounting for roughly 84 percent of the company’s Q3 2018 revenue.

In recent years, BlackBerry has pivoted from operating as a hardware manufacturer towards increasing its focus on software — specifically in the security and, more recently, the automotive sectors.

“The validation we have received, from partners, customers and industry experts around the world, speaks for itself,” said Chen.

At the time of this writing, BlackBerry’s TSX stock sits at $15.25, while BlackBerry’s NSYE stock sits at $11.80 USD (roughly $15.15 CAD).

Source: BlackBerry