WATERLOO, ON – The losses continue to mount at BlackBerry which reported its fourth quarter and year-end results for fiscal 2014 on Friday.
Revenue from continuing operations for the fiscal year ended March 1, 2014 was $6.8 billion, down 38% from $11.1 billion in fiscal 2013. The company's net loss from continuing operations was $5.9 billion, compared with a net loss of $628 million last year, while its adjusted net loss from continuing operations was $711 million.
For the fourth quarter, revenue fell 18% to $976 million from approximately $1.2 billion in the previous quarter, and dropped 64% from $2.7 billion in the same quarter of fiscal 2013. The loss from continuing operations for the fourth quarter was $423 million versus $4.4 billion in the prior quarter, and income from continuing operations of $94 million in the same quarter last year. Adjusted loss from continuing operations for the fourth quarter was $42 million.
The revenue breakdown for the quarter was approximately 37% for hardware, 56% for services and 7% for software and other revenue. The company recognized hardware revenue on approximately 1.3 million BlackBerry smartphones, compared to approximately 1.9 million devices in the previous quarter.
Approximately 3.4 million BlackBerry smartphones were sold through to end customers this quarter, which included shipments made and recognized prior to the fourth quarter, and which reduced the company's inventory in channel. Of the BlackBerry smartphones sold through to end customers in the fourth quarter, approximately 2.3 million were BlackBerry 7 devices.
"I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago”, said executive chairman and CEO John Chen, in a statement. “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 added that it anticipates “maintaining its strong cash position and continuing to look for opportunities to streamline operations”, and is targeting break even cash flow results by the end of fiscal 2015.
