Shares of BlackBerry (NASDAQ:BBRY) closed Thursday’s regular session up 3.14 percent at $6.25 per share, but the stock was volatile after the wireless company reported third-quarter fiscal 2014 results. Revenue fell 24 percent on the quarter and 56 percent on the year to $1.2 billion, below the mean analyst estimate of $1.59 billion. Adjusted losses from continuing operations fell to 67 cents per share, below the mean analyst estimate of 45 cents per share. Unadjusted, GAAP losses came in at $8.37 per share, due largely to about $4.3 billion in pretax non-cash charges against assets, inventories, and supply commitments.
The results may have been worse than expected, but it’s not all bad news for BlackBerry. For one, restructuring appears to be well underway. BlackBerry will be reorganizing itself into four operating units — Enterprise Services, Messaging, QNX Embedded business, and the Devices business — which will “drive greater focus on services and software, while establishing a more efficient business model for the Devices business,” according to a company statement.
BlackBerry also added LG to the list of original equipment manufacturers that preload BlackBerry Messenger, and the QNX Embedded business is scheduled to “unveil new technology in automotive and cloud services at the 2014 International Consumer Electronics Show in January.”