BlackBerry has been in an embattled state for several years now, undergoing multiple leadership changes, a fluctuating but mostly sinking stock price, unpopular product launches, and a diminished brand reputation.
Undaunted by all of this, current CEO John Chen is determined to steer BlackBerry back into a state of success.
In an interview with USA Today, Chen cited BlackBerry’s road to recovery as an “eight-quarter journey.”
“The first thing I have to do is to get into profitability, as well as cash flow breaking even,” he said.
Chen believes BlackBerry can be cash-flow positive from operations by the end of this fiscal year. Then within the next fiascal year, he believes the company can be profitable, something it hasn’t been for a long while.
BlackBerry in March reported a fourth-quarter loss of $423 million, down from a profit of $98 million in the year-ago quarter. Selling 3.4 million smartphones—more than two-thirds of which were legacy BlackBerry 7 devices—during the quarter, revenue came in at only $976 million, a steep fall from the $2.68 billion it generated in the year-ago quarter.
But even then, Chen affirmed his company was on financially on track for the future.
“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense-reduction target one quarter ahead of schedule,” he said. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
The Waterloo-based smartphone maker still has a sizeable cash horde at $2.7 billion.