<\/a>Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (\u00a33.5bn) for its latest financial year.<\/p>\nHowever, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter.<\/p>\n
The company said it was pleased with its fourth quarter performance, and that it was on “a path to returning to growth and profitability”.<\/p>\n
Boss John Chen said the firm was moving to a “sounder financial footing”.<\/p>\n
Blackberry devices have recently lost out in the high-end smartphone market to Apple’s iPhone and phones powered by Google Android operating system.<\/p>\n
During the financial year, the company’s losses included $934m on unsold Z10 smartphones, and restructuring costs of $512m.<\/p>\n
Fourth quarter revenues fell to $976m, below analysts’ expectations of $1.1bn.<\/p>\n
As part of its turnaround plan the firm is focusing on its services arm, and is also putting renewed emphasis on its keyboard devices.<\/p>\n
Mr Chen was appointed as interim chief executive in November 2013.<\/p>\n
“The guy is on the move fast,” said Colin Gillis, an analyst at BGC Partners. “He can control expenses but you can’t magically make revenue happen.”<\/p>\n
Blackberry’s shares rose after the results were published, gaining over 5% in value.<\/p>\n
<\/p>\n
Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"
Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (\u00a33.5bn) for its latest financial year. However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter. The company said it was pleased with its fourth quarter performance, and that […]<\/p>\n","protected":false},"author":14,"featured_media":9504,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[18],"yoast_head":"\n
Blackberry reports $5.9bn annual loss - Citi 97.3 FM - Relevant Radio. Always<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n