Smartphone maker BlackBerry revealed it has lost US$423m in the fourth quarter of fiscal 2014 as revenue dropped to US$976m in the three-month period, marking a 64pc drop from US$2.68bn last year.
The quarterly loss amounts to US$0.80 a share, compared with a profit of US$98m, or US$0.19 a share a year ago, BlackBerry said.
Revenue for the fiscal year totalled US$6.8bn, reflecting a decrease of 38pc from US$11.1bn the previous year.
Sales also decreased for the company. BlackBerry sold 3.4m smartphones in the fourth quarter, with 2.3m of those devices being BlackBerry 7. The company’s newer devices, the Z10, Z30 and Q10, sold 1.1m units.
Despite the losses, BlackBerry’s executive chairman and chief executive John Chen said the company is on sounder financial footing today, with a path of returning to growth and profitability.
"I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago," Chen said.
"We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule."