Former smartphone darling BlackBerry Ltd (TSX:BB) (NASDAQ:BBRY) saw its fourth-quarter earnings come in slightly above expectations despite a decline in revenue as its switches focus to beef-up its software business.
The Canadian group posted a net loss of US$47mln, or 9 US cents a share in the quarter to February 28. A year earlier, the company reported a loss of US$238mln, or 45 US cents a share.
BlackBerry‘s adjusted quarterly earnings per share was 4 US cents, above forecasts for it to be break-even,
However, the firm’s fourth-quarter revenue fell to US$286mln, down from US$464mln a year earlier, and US$289mln in the third quarter.
BlackBerry said its software and services revenue was US$166mln, just up from US$164mln in the previous quarter.
The group’s chief executive John Chen said he expects BlackBerry's software business to continue growing in the current fiscal year, and added it should be profitable on an adjusted basis while generating positive cash flow throughout the year.