BlackBerry reported a dive in profit and revenue as the company transitions itself from a smartphone company to a software business.
The Canadian company said it lost $423 million, or 80 cents per share, on revenue of $976 million — down from $2.7 billion in revenue the fourth quarter last year. Analysts polled by FactSet expected a loss of 56 cents per share on revenue of $1.1 billion.
Adjusted for one-time items, however, losses were only 8 cents, and shares spiked 7 percent.
It is the second quarterly results under John Chen, its chief executive, who is deemphasizing the hardware business after last year's launch of the BlackBerry 10 phones failed to spark a turnaround. The BlackBerry has been hammered by competition from the iPhone as well as Android-based rivals.