BlackBerry loss widens, unveils tie-up with Foxconn
OTTAWA (AFP) - BlackBerry said Friday it fell deeper into the red in the past quarter as the struggling smartphone maker unveiled a manufacturing partnership with Taiwan-based Foxconn and a revamped organizational structure.
The Canadian firm reported a massive $4.4 billion (S$5.6 billion) loss in its third quarter, four times higher than in the previous quarter, as smartphone sales slumped by half.
The company also unveiled a five-year partnership with Foxconn, described as "the world's largest manufacturer of electronic products and components." Foxconn will jointly develop and manufacture a number of new devices and help manage inventory - an area where BlackBerry has struggled.
Foxconn, the marketing name for Hon Hai Precision Industry, is also a main supplier of one of BlackBerry's chief rivals - Apple.