BlackBerry posted its fourth quarter fiscal 2014 earnings on Friday, noting $976 million in revenue but a $423 million loss. That figure is down 18 percent from the third quarter, and down 64 percent from the $2.7 billion in revenue BlackBerry pulled in during the same quarter in 2013.
The company’s adjusted loss per share of 8 cents beat Wall Street estimates, however, where analysts were expecting a loss of 55 cents a share on revenue of $1.1 billion. A large percentage of the losses were related to pre-tax charges related to inventory changes and restructuring charges. For the full fiscal year, BlackBerry reported $6.8 billion in revenue, down 38 percent from the $11.1 billion it recorded during fiscal 2013 a year ago
The company said it sold 3.4 million BlackBerry smartphones during the quarter, and its BlackBerry 7 devices are still more popular than its newer handsets, making up 2.3 million of those units sold.
“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago,” BlackBerry CEO John Chen said. “We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule. BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.” BlackBerry said it now has $2.7 billion in cash and investments and that it expects to break even on cash flow by the end of fiscal 2015 – a year from now.