Manufacturer sees revenues slide a further 18 per cent to below $1 billion in Q4, while smartphone sales continue to fall
BlackBerry made a loss of $5.9 billion in its financial year ending March 1, compared to the $628 million loss made in the previous 12 months.
Revenue fell 38 per cent from $11.1 billion in fiscal 2013 to $6.8 billion in the most recent period.
In BlackBerry’s Q4, which was the three months to March 1, it made a loss of $423 million compared to the $94 million profit made a year earlier.
This latest figure compares to the $4.4 billion deficit reported in Q3, which BlackBerry said was due to an “inventory write-down, restructuring, legal and financial advisory charges.”
Revenue for the quarter fell 18 per cent sequentially and 64 per cent year-on-year to $976 million – the first time revenue had fallen below $1 billion in the financial year.
The manufacturer sold 1.3 million smartphones in the quarter, down from the 1.9 million sold in the previous quarter. The company did not break down what proportion of these devices were based on its latest OS, BlackBerry 10.
However, operating expenses were significantly down, from 3.76 billion in Q3 to 1.09 billion in Q4. The firm said it had cash reserves of $2.7 billion as of March 1 compared to $3.2 billion from the previous quarter.
BlackBerry executive chairman and CEO John Chen (pictured) said: “I am very pleased with our progress and execution in fiscal 2014 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule.
“BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
Last month at Mobile World Congress in Barcelona, the manufacturer unveiled the latest smartphones to run off its BlackBerry 10 OS.
The Z20 features a physical QWERTY keyboard, while the Z3 (pictured) is a full touchscreen device and the first smartphone to emerge from its partnership with OEM Foxconn. Availability has yet to be announced.