BlackBerry (TSX:BB) is reporting a stunning loss of $4.4 billion for the third quarter of 2013.
The Waterloo, Ontario-based smart phone maker had revenue of $1.2 billion in Q3, compared with $1.6 billion in the second quarter. Revenue this quarter was down 56% compared to the third quarter of 2012.
The company's newest smart phone model, the BlackBerry10, has been selling poorly. BlackBerry reported that of the 4.3 million smart phones sold in the third quarter, 3.4 million were an older model, the BlackBerry7.
Interim CEO John Chen, who replaced Thorsten Heins in November, has been making efforts to restructure the company. Today the company announced it had signed a five-year manufacturing deal with Taiwan-based Foxconn.
Foxconn will manufacture the phones in Indonesia and Mexico.
BlackBerry has also increased its cash holdings to $3.2 billion, thanks in part to $1 billion raised by Fairfax Financial (TSX:FFX) in November.
While the company's stock fell briefly in pre-market trade, it has since rallied to $7.45 on the TSX and $7.04 on NASDAQ.
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