BlackBerry posts fresh loss of $208 mn as it focuses on biz software

By: |
Updated: April 18, 2019 12:23:47 PM

BlackBerry suffered another loss in its latest fiscal year and now aims to return to profitability by refocusing on business services, away from consumer handsets, the Canadian company said today.

BlackBerry suffered another loss in its latest fiscal year and now aims to return to profitability by refocusing on business services, away from consumer handsets, the Canadian company said today. The Waterloo, Ontario-based firm reported a net loss of $208 million for the year ended on February 29, while revenues fell more than 35 percent to $2.16 billion.

The company attributed much of its missed revenue estimates to restructing costs.

BlackBerry had hoped that its new Priv handset – its first Android-operating smartphone, which was launched with much fanfare in November — would help restore the company to its former glory, after it once pioneered a culture of mobile users glued to smartphones.

But sales have been lackluster.

Some analysts had opined that BlackBerry might get out of the phone business altogether if the Priv — the first not to use Blackberry’s own operating system — failed to take off.

They had forecast a loss of 33 cents per share in the last fiscal year, compared to the 40 cents per share the company reported.

However, BlackBerry chief executive John Chen called the recent performance “solid,” citing progress on “key elements of our strategy,” which includes growing software sales.

“We have clearly gained traction and market share in enterprise software,” he said.

Software and licensing revenue doubled in the fourth quarter.

Looking ahead to fiscal year 2017, Chen added, the company’s strategy remains “on track.”

“Our growth engines are in place to continue to generate above market growth in software and achieve our profitability objectives.”

For latest coverage on Maharashtra Assembly Election 2019 and Haryana Assembly Election 2019, log on to financialexpress.com. We bring you full coverage of Assembly Election 2019 on Financial Express, stay tuned for latest election updates.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.