BlackBerry has reported a steep drop in its profit and revenue during the fourth quarter as it struggles to switch from a erstwhile dominant smartphone firm to a software business.
During Q4, the Canadian smartphone maker reported $423m in losses, while generating $976m in revenues, down 18% compared to $2.7bn over the corresponding period last year.
BlackBerry executive chairman and chief executive officer John Chen said the company has gained progress and execution in fiscal Q4 against the strategy laid out three months ago.
"We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule," Chen added.
"BlackBerry is on sounder financial footing today with a path to returning to growth and profitability."
The latest revenue drop also marks the first time the struggling smartphone maker reported below $1bn in revenue since late in 2007.
During the quarter, the 37% of revenue was generated from hardware, 56% from services and 7% from software and other units.
The company’s hardware revenue was mainly generated through the sales of about 1.3 million BlackBerry smartphones compared to 1.9 million smartphones sold during the earlier quarter.
