BlackBerry posts third quarter loss of $4.4 billion

BlackBerry is reporting a massive $4.4 billion loss in the third quarter and 56% drop in revenue.

The results are the Blackberry's first under new chairman and interim chief executive John Chen.

Sales are plummeting, with third quarter revenues of just $1.2 billion. BlackBerry attributed the extent of the quarterly loss to a $4.6 billion charge for an inventory write-down and other one-time costs.

BlackBerry also announced it is entering in to a five-year partnership with Foxconn, the world's largest manufacturer of electronic products. Foxconn will jointly develop and manufacture certain new BlackBerry devices and manage the inventory of them.

BlackBerry reported revenue of $1.2 billion, down 56% in the same quarter last year.

Its adjusted loss from continuing operations was $354 million, or 67 cents per share. Analysts polled by FactSet, on average, expect a loss of 43 cents per share on revenue of $1.66 billion.

Chen has said the company "is very much alive" but is putting more emphasis on Blackberry's software business than its failed hardware business.