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(Pocket-lint) - After posting dismal third-quarter results last week, it was clear Amazon missed with the Fire Phone and subsequently suffered due to lack of sales. An Amazon executive has now confirmed as much, while also hinting the company isn't giving up.

Speaking to Fortune, David Limp, a senior vice president at Amazon, admitted that Amazon had a surplus of $83 million unsold Fire Phones. The Fire Phone is Amazon's 3D-enabled smartphone that launched last summer, with a starting price tag of $199 for the 32GB model.

Limp clarified that a price cut to 99 cents in September resulted in a significant increase in sales, but, as usual, the company didn't provide specific sales numbers. Limp instead acknowledged Amazon didn't "get the price right" the first time around.

“I think people come to expect a great value, and we sort of mismatched expectations. We thought we had it right," he said. "But we’re also willing to say, ‘we missed.’ And so we corrected."

Fortune claimed Amazon will continue the Fire Phone line. The report even noted how many critics viewed the first Kindle eReader as a flop in 2007, but it has since spun into a family of successful devices. Amazon apparently has a similar plan in store for the Fire Phone.

“We are going to keep iterating software features to get it better and better,” Limp said. “Each release that we’re doing, we’re learning. Beyond that, I leave it out there to see what people think.”

READ: Amazon Q3 2014: Dark times ahead as losses widen

Writing by Elyse Betters.