BlackBerry suffered a $4.4 billion loss, and earned $1.2 billion during the third fiscal quarter, a decrease from $2.7 billion the year prior USA Today reported Friday.
The cost to maintain operations reached $354 million, which amounted to 67 cents a share. Blackberry's shares fell seven percent before the market open. Numbers have since gone up 3.3 percent however.
"We have accomplished a lot in the past 45 days, but still have significant work ahead of us as we target improved financial performance next year," John Chen Blackberry CEO said in a statement USA Today reported. "The most immediate challenge for the company is how to transition the devices operations to a more profitable business model."
Canadian financial services company Fairfax Holdings was recently close to a deal to privatize the mobile carrier, but ended up deciding to fork out about $1 billion for the company's revival since chief executive officer Thorsten Heins was no longer chief executive officer The Los Angeles Times reported.
Blackberry also made changes at the top with three executives in Kristian Tear, chief marketing officer Frank Boulben, and chief financial officer Brian Bidulka. James Yersh will take over for Bidulka at the chief financial position. Bidulka will also remain with the company at a special advisor to the chief executive officer.
Last year, Blackberry was out $646 million when its revenue decreased 40 percent to $11 billion The Wall Street Journal reported. The company lost four million subscribers and suffered another decrease of $84 million in the fiscal quarter that ended June 1 in 2013.
Blackberry made a smaller amount of cuts over the summer from its sales, and research, and development departments. This comes just a year after the company let go 5,000 people from 12,700.
Two years ago, over 17,000 employees worked at the company based in Waterloo, Ontorio Canada. Blackberry also had control of 14 percent of the smartphone business. This has since dropped to less than three percent.
