BlackBerry Revenue Miss,shares plunged 5.6 percent to $9.51 at 9:54 a.m. New York time

BlackBerry Ltd. published fiscal third-quarter revenue that seems to slide well short of analysts’ estimates, fading the company’s praiseworthy achievement of generating cash earlier than promised. It's revenue dropped 34 percent to $793 million in the three months ended Nov. 29, that's a miss in analysts’ estimates for $931 million. BlackBerry shares plunged 5.6 percent to $9.51 at 9:54 a.m. New York time. Before this there was a drop of  9.6 percent for the biggest intraday drop since July.

Chief Executive Officer John Chen said that company's revenue in the quarter was “not satisfying” and that he needs another couple of quarters before sales will rise. “Now we’ll turn our attention to revenue,” he said.

As Chen's command and working style got it's way in the company, BlackBerry generated positive cash flow of $43 million, a quarter earlier than promised. It even posted an adjusted profit of 1 cent a share. Now. Chen's goals were to reach break-even cash flow by the end of this fiscal year and then return to sustainable profit and revenue growth next year.

An analyst with BGC partners in NY,Colin Gillis said while the stock is down today because of the revenue miss, it not necessary that company won't reach positive cash-flow.

Chen has focused on making software and providing security for governments and corporations and along with that the company is also introducing new phones that focus business users, like the Passport and the Classic, which was introduced on Wednesday. Chen said today that orders for the Classic are higher than orders were for the Passport at the start.

The Waterloo, Ontario-based company recognized revenue on about 2 million smartphones, down from 2.1 million in the second quarter. It was the first quarter that customers could buy the square-screened Passport, which debuted in September. The week the phone was introduced, Chen said the company had pre-sold 200,000 Passports.Chen said today that orders for the Classic are higher than orders were for the Passport at the start.

The company has a net loss of $148 million, or 28 cents a share. A year earlier it had a loss of $4.4 billion, or $8.37 a share. At the end of the quarter it has $3.1 billion in cash and equivalents.  Even thought analyst were expecting 5 cent a share loss, the company has earnings of 1 cent a share, excluding some items, the first adjusted profit in seven quarters.