NEW YORK (TheStreet) -- BlackBerry (BBRY) shares closed down -5.1% to $7.28 in trading on Friday.
The stock was steadily lower all day following a blog post in which CEO John Chen refuted an earlier Reuters article that reported that the company would consider divesting from its handset production and focus solely on software.
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Sales of BlackBerry's handsets have been in steady decline. In the fourth quarter 2013 the mobile phone company saw handset sales drop 77%.
Despite the grim numbers Chen is not ready to give up on producing the company's hardware yet.
"I want to assure you that I have no intention of selling off or abandoning this business any time soon. I know you still love your BlackBerry devices," said Chen in the blogpost. "I love them too and I know they created the foundation of this company. Our focus today is on finding a way to make this business profitable."
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 feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."