NEW YORK (TheStreet) -- Shares of BlackBerry (BBRY) are tanking, down 9.73% to $9.09 in pre-market trading on Friday, after the struggling smartphone maker reported a bigger-than-expected drop in its fiscal 2015 third quarter revenue, despite posting a small adjusted profit in its earnings report this morning, according to Reuters.
For its fiscal third quarter, BlackBerry reported a fall in revenue to $793 million from $1.19 billion a year ago, falling short of analysts' expectations of $931.53 million.
The company reported adjusted earnings of $6 million, or a penny per share for the quarter, better than analysts' expectations for a loss of 5 cents per share.
BlackBerry CEO John Chen said hardware sales in the quarter were weaker than expected, as production was limited and the company could only fulfill device orders early in the fourth quarter, Reuters noted.
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 some concerns, 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. Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity."
- You can view the full analysis from the report here: BBRY Ratings Report