Struggling smartphone maker BlackBerry (NYSE:BB) released its latest earnings results this morning. Shares rose this morning, but have now given up most of their early morning gains. By the end of the day, BlackBerry closed down 7% as investors had time to digest the latest figures.
In this segment from Friday's Tech Teardown, host Erin Kennedy and Motley Fool tech and telecom bureau chief Evan Niu take a look through what was a pretty bad report by most standards. Revenue fell below the $1 billion mark, the company's net loss was $423 million, and the report revealed that people still aren't buying BB10 devices at nearly the pace the company hoped. The market's positive reaction was due to the net loss being smaller than expected, as well as the company's messenger service, BBM, continuing to hold up, now with 85 million monthly active users. Evan discusses BlackBerry's strategy from here and its progress toward its turnaround, and the biggest Catch-22 that stands in its way.