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| Blackberry reports $5.9bn annual loss | Blackberry reports $5.9bn annual loss |
| (about 7 hours later) | |
| Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (£3.5bn) for its latest financial year. | Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (£3.5bn) for its latest financial year. |
| However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter. | However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter. |
| The company said it was pleased with its fourth quarter performance, and that it was on "a path to returning to growth and profitability". | The company said it was pleased with its fourth quarter performance, and that it was on "a path to returning to growth and profitability". |
| Boss John Chen said the firm was moving to a "sounder financial footing". | Boss John Chen said the firm was moving to a "sounder financial footing". |
| Blackberry devices have recently lost out in the high-end smartphone market to Apple's iPhone and phones powered by Google Android operating system. | Blackberry devices have recently lost out in the high-end smartphone market to Apple's iPhone and phones powered by Google Android operating system. |
| During the financial year, the company's losses included $934m on unsold Z10 smartphones, and restructuring costs of $512m. | During the financial year, the company's losses included $934m on unsold Z10 smartphones, and restructuring costs of $512m. |
| Fourth quarter revenues fell to $976m, below analysts' expectations of $1.1bn. | Fourth quarter revenues fell to $976m, below analysts' expectations of $1.1bn. |
| As part of its turnaround plan the firm is focusing on its services arm, and is also putting renewed emphasis on its keyboard devices. | As part of its turnaround plan the firm is focusing on its services arm, and is also putting renewed emphasis on its keyboard devices. |
| Mr Chen was appointed as interim chief executive in November 2013. | Mr Chen was appointed as interim chief executive in November 2013. |
| "The guy is on the move fast," said Colin Gillis, an analyst at BGC Partners. "He can control expenses but you can't magically make revenue happen." | "The guy is on the move fast," said Colin Gillis, an analyst at BGC Partners. "He can control expenses but you can't magically make revenue happen." |
| Blackberry's shares fell nearly 5% on Friday, reversing initial gains of over 5%. |