BlackBerry reported a massive $4.4 billion loss in the third quarter and a 56 percent drop in revenue in its first quarterly report under its new chairman and chief executive, John Chen.
Despite the results, Chen said on a conference call with analysts that BlackBerry has a really good shot of turning a profit in 2016 and that management will try its best to achieve the goal. Chen later laughed when an analyst wished him the best of luck.
The former Sybase CEO is credited with turning around Sybase, a data company that was sold to SAP in 2010. Chen said reviving BlackBerry will be his most complicated challenge but noted the company has $3.2 billion in cash, which will definitely allow us to engineer our turnaround.
BlackBerry also announced Friday that its entering into a five-year partnership with Foxconn, the Taiwanese company that assembles products in vast factories in China.
Foxconn, known for its manufacturing contract work on Apples iPhones and iPads, will jointly design and manufacture most BlackBerry devices and manage inventory of the devices in a pact that will offload much of BlackBerrys manufacturing costs.
Boeing notifies sites about 777X status
Boeing says it has begun telling states whether theyre still in the running to build its new 777X.
Boeing has gotten proposals from 22 states covering 54 locations. Boeing says it is narrowing the list down and is telling each location its status in the process. Boeing isnt releasing the list publicly.
The company says it expects to pick a location early next year.
Boeing began looking for a location to build the successor to its popular 777 after union workers in Washington state rejected a deal that would have kept the work there. The 777X will bring thousands of well-paying jobs to wherever it is assembled.
Oracle buys Responsys in $1.39 billion deal
Oracle is buying cloud-based business-to-consumer marketing software company Responsys for about $1.39 billion.
Oracle, which also makes business software, said the deal will extend its offerings of cloud businesses. It already offers cloud-based opportunities for sales, commerce, service, social and marketing activities.
Redwood Shores, Calif.-based Oracle reported this week that its fiscal second-quarter net income edged down slightly, hurt by flat revenue from new software licenses and cloud software subscriptions.
Under the deal announced Friday, Oracle will pay $27 a Responsys Inc. share, a 38 percent premium to the companys Thursday closing price of $19.52.
Altria, Philip Morris partner on products
The makers of Marlboro cigarettes sold in the U.S. and those sold overseas are sharing their technology for electronic cigarettes and other new tobacco products.
Altria Group Inc. and Philip Morris International Inc. said Friday theyve entered into agreements related to marketing alternatives to traditional cigarettes. Terms of the deal were not disclosed.
Companies are venturing into smokeless tobacco and other nicotine products to diversify beyond the declining traditional cigarette business as tax increases, health concerns, smoking bans and stigma cut into demand.