BlackBerry CEO plans to stop losses at smartphone phone business this fiscal year

TORONTO – BlackBerry CEO John Chen says the company will aim to make its smartphone business profitable this fiscal year.

Chen wouldn’t peg BlackBerry’s future to the success of its devices but says there’s a plan to cut losses as it moves to the growth phase of its turnaround plan.

He told BlackBerry’s annual shareholders meeting in Waterloo that the No. 1 objective for the 2017 financial year will be to “get the device business profitable.”

Chen told shareholders that BlackBerry’s first Android-powered phone, the Priv, is not moving as quickly as hoped.

The one-time leader of the smartphone industry reports its results for the first quarter of fiscal 2016 on Thursday.

Analysts expect BlackBerry to report a loss and will likely look for evidence of how the Priv has been selling.

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