On Friday, BlackBerry Ltd (NASDAQ: BBRY) announced financial results for the three months and fiscal year ended February 29, 2016. Shares of the company 7.66% to $7.47 during morning trading.
According to the financial results, revenue down almost 30% to $464 million compared with $660 million in the same quarter last year. Net loss for this quarter was $238 million compared with net income of $28 million last year. Diluted earnings per share down to negative $0.45 compared with positive $0.05 last year.
"Overall, BlackBerry's Q4 performance was solid as we made progress on the key elements of our strategy, which are to grow software faster than the mobility software market, achieve device profitability and generate positive free cash flow," said Executive Chairman and Chief Executive Officer John Chen.
"We have clearly gained traction and market share in enterprise software. We more than doubled our software and licensing revenue in Q4 and exceeded our target of $500 million for the full year. Looking to FY 2017, our strategy is on track and our growth engines are in place to continue to generate above market growth in software and achieve our profitability objectives," said Chen.
The company did not report the sales of its new line of phones, which are based on Google’s Android operating system rather than BlackBerry’s own software. Some analysts have suggested that if the shift to Android does not reverse BlackBerry’s decline in the smartphone market, it should abandon what was once its signature business.