Smart phone maker BlackBerry continues to struggle
March 29, 2014 00:00
Los Angeles - BlackBerry lost 423 million dollars, or 80 cents per share, in the fourth quarter, the Canada-based company said in its quarterly report released Friday.
This brings BlackBerry's total loss in the fiscal year to 5.9 billion dollars.
Revenue in the fourth quarter fell to 976 million dollars, down 217 million dollars, or 18 percent, from about 1.2 billion dollars in the previous quarter, and down 64 percent from 2.7 billion dollars in the same quarter of 2013, according to the statement.
BlackBerry has been working to reduce their operating expenses.
"We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule," John Chen, BlackBerry head, said in the statement. "BlackBerry is on sounder financial footing today with a path to returning to growth and profitability."
Just last week the company announced a deal to sell of most of its real estate holdings in Canada.
Chen plans to lead BlackBerry out of its crisis by focusing on corporate and government customers and keeping the user-preferred keyboards that make it easier to type e-mails.
Chen is hoping for break even cash flow results by the end of fiscal 2015.