NEW YORK (TheStreet) -- Shares of Blackberry are down by 4.78% to $6.18 in early afternoon trading on Monday, continuing to decline following Friday's release of the company's second quarter earnings results.
The telecommunication company reported a net loss of 13 cents per share on revenue of $491 million for the second quarter.
Analysts on average were expecting the company to report a net loss of 9 cents per share on revenue of $610.99 million.
Separately, the company also announced that it is launching a new flagship handheld device, Priv, which will run Android's operating system.
"We are focused on making faster progress to achieve profitability in our handset business. Today, I am confirming our plans to launch Priv, an Android device named after BlackBerry's heritage and core mission of protecting our customers' privacy," CEO John Chen said in a statement.
Separately, TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself.