NEW YORK (TheStreet) -- BlackBerry (BBRY) shares are tumbling 3.84% to $6.76 in pre-market trading on Friday after the company earlier today reported weak second quarter fiscal 2016 earnings results that missed analysts' estimates.
For the quarter ended August 29, the company posted a loss of 13 cents a share on revenue of $490 million.
Analysts had expected the company to report a loss of 9 cents a share on revenue of $610.99 million.
In the same period the year before, the company posted a loss of 2 cents a share on $916 million in revenue.
For the latest quarter, revenue from smartphone sales declined further, Reuters reports.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio commented on BlackBerry this morning, saying: "People keep wanting to buy this stock. They can't believe it isn't ramping. I say be careful it is, as Susan Wojcicki, the brilliant woman who runs YouTube said, 'no' it is not coming back."
Looking ahead, the company said that it is planning to roll out a smartphone called "Priv" that will run on Google's (GOOGL) Android operating system.
"In order to expand our leadership in cross-platform software and services, we are investing strategically - organically through new products and services based on the BES platform, and through acquisitions like AtHoc and Good Technology," CEO John Chen stated.
Since the beginning of the year, the stock has tumbled 36%.
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 a few notable 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.
You can view the full analysis from the report here: BBRY