Smartphone maker BlackBerry reported a fourth-quarter loss of US$423 million on Friday.
The company said the loss amounted to 80 cents per share, compared with a profit of $98 million or 19 cents per share a year ago.
However, excluding several one-time items, it reported an adjusted loss from continuing operations of $42 million or eight cents per share for the quarter.
Fourth-quarter BlackBerry smartphone sales totalled 3.4 million devices — far fewer than expected. Around two-thirds were the older BlackBerry 7 models.
Revenue fell 64 per cent year-over-year to $976 million for the three months ending March 1, compared with $2.68 billion a year ago.
Executive chairman and chief executive John Chen said the company is ahead of schedule on its cost-cutting plan.
“We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule,” Chen said in a statement.
“BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
Chen has been placing less emphasis on the company’s hardware business, and instead, focusing on services and software, including the QNX operating system, integration with the auto sector, and the BlackBerry Messenger service.
Last week, Blackberry announced it had signed a deal to sell a majority of its Canadian real estate holdings and lease back a portion.
With files from The Associated Press