BlackBerry Shares Down Following Quarterly Loss, Major Dip in Smartphone Sales

Shares in BlackBerry dipped 3% in trading today following a quarterly earnings loss of five cents per share, slightly worse than analyst expectations.

Sales also failed to meet expectations at a modest $658 million. Smartphone sales dropped to an anemic $263 million. Software revenue is up, though, the Canadian company reports.

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“I am pleased with the strong performance of our software and technology business,” BlackBerry CEO John Chen said. “This is key to BlackBerry’s future growth. Our financials reflect increased investments to sales and customer support for our software business.”

Shares are down roughly 16% in 2015.

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Last month the Canadian company admitted it started cutting jobs around the world for purposes of consolidation as it fights to stay afloat financially, particularly aiming to make its hardware once again profitable. BlackBerry holds less than 1% of the global marketshare.

BlackBerry, which once employed nearly 20,000, now boasts fewer than 7,000 workers.

If things continue as they are—and there is little to suggest otherwise—BlackBerry will soon be two things: a software company, not a smartphone company; and smaller.