Blackberry has been busy this year. They changed their name from Research in Motion to match the company’s flagship brand , they launched a re-designed OS called Blackberry 10 , and they made a commitment to their customers to continue supporting its struggling lineup of Playbook tablets . The world seemed to be betting against the company at every turn, but their new CEO Thorsten Heins pushed hard to reassure investors and customers to stand behind his vision . Fast forward to the company’s most recent financial results and things aren’t looking so great for the once mighty smartphone king.
On the most recent investor call Heins was forced to report an $84 million loss on $3.1 billion in revenue , and he seemed completely unwilling to share details on how many of the 6.8 million handsets sold were running Blackberry 10. It’s safe to say that if Blackberry’s new operating system were causing phones to fly off the store shelves they would let us know, and it’s certainly a worrying sign that the company’s turnaround plan might not be working out quite as they had hoped.
Heins also had to admit that despite promises, the company would not be upgrading the Playbook tablet to Blackberry 10 . The only explination he could offer was that performance wasn’t up to expectations, and that the company needed to focus on core products. Heins is one of the few tech industry CEO’s who is betting against tablets, and went so far as to say they could be gone from the market within ten years .
Despite all the bad news, the handset maker was able to report that the company had over $3.1 billion in cash reserves. This gives them lots of runway to make investments to continue turning the tide, and they need to do it fast. Microsoft has claimed that they now hold a 3rd place position in the mobile OS industry , knocking Blackberry down another notch.
Can they turn it around? Let us know your thoughts in the comments below.