BlackBerry posts $423 m net loss in fourth quarter

BlackBerry posts $423 m net loss in fourth quarter

Struggling Canadian smartphone maker BlackBerry on Friday reported net loss of $423 million in the fiscal fourth quarter.

The company based in Waterloo, Ontario, had posted profit of $98 million in the December-February quarter a year earlier and $4.4 billion loss in September-November.

Revenue declined 64 per cent to $976 million in December-February from $2.7 billion in the same quarter a year ago, it said in a statement. Revenue fell 18 per cent from $1.2 billion in the third quarter.

"We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule," Chief Executive Officer John Chen said.

BlackBerry is on a sounder financial footing today with a path to returning to growth and profitability, he added. "I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago," said Chen, who took over in November.

The firm sold about 3.4 million smartphones, including shipments made and recognised prior to the fourth quarter, which reduced the company's inventory in channel, BlackBerry said.

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