Blackberry’s Chen has stanched the bleeding, but not much more

John Chen, the CEO of Blackberry, has made dramatic moves in turning around the company,  firing various executives and hiring others (seeBlackberry’s Chen is pushing hard to turn the company aroundBlackBerry posts massive loss, new hires, good numbers on iOS and Android), focusing the company on software and services, and even introducing new phones (see BlackBerry’s future in handset manufacturing may hinge on the PassportBlackberry received 200,000 orders for Passport this week).

This week the company released its results for the quarter ending in November, showing $793 million in revenue versus $1.1 billion for the same period a year earlier. And despite the impressive roll-out of the new Passport phone in September, the top line fell from $916 million in the previous quarter.

Slightly better news on the bottom line, where the company lost $148 million in that quarter, or 28 cents a share, contrasted with $207 million in the previous quarter. The loss of $4.4 billion in the same quarter of last year is why Chen was hired in the first place, and show that he is slowing the bleeding at Blackberry.

The verdict is still out on the Blackberry Classic and Passport phones, and the Blackberry 10 operating platform, but Chen is clearly managing the company’s turnaround tightly. The company’s loss included $150 million in reevaluation of some of its debt as well as restructuring charges of $5 million, and that accounts for most of it.

The Passport also shipped late in the quarter, so we’ll have to wait for next quarter to see the results, and whether or not Chen can lead Blackberry back into the black.