BlackBerry Stems Loses To Just Over $1m A Day

Struggling smartphone maker BlackBerry (Swiss: BB.SW - news) has seen its share price plunge almost 10%, after revealing losses of more than $1m a day.

In early trades on Friday the share price dropped 8.5%, after it reported its financial results for the fiscal third quarter.

The Canadian company said it lost $148m (£94m) in the three months, compared to $4.4bn (£2.7bn) in the same period last year.

Revenue declined to $793m in the period from $1.19bn, some 14% below analysts' expectations.

The company was once an industry leader with mobile keyboard devices, allowing email access wirelessly in 1999.

As recently as 2009 it commanded 50% of the US smartphone market.

But it failed to adapt amid the rise of innovative alternatives and cheaper devices.

In September BlackBerry launched a square smartphone aimed at business users - its traditional core market.

The company has sold off swathes of property, downsized its workforce and outsourced upstream logistic supply in an effort to cut costs.

Earlier this year the company revealed a revenue drop of 60%.

On Wednesday, Blackberry launched the Classic, a new phone that reverted to a traditional keyboard at a time when rival Apple (NasdaqGS: AAPL - news) and Android phones - and most smartphone customers - have embraced touch screens.

Blackberry said that it continues to target sustainable profitability, but admits it will not likely reach that target until some time in the 2016 financial year.