BlackBerry reported a steep drop in profit and revenue Friday as it transitions from a smartphone company to a software business under its new chief executive.
The Canadian company lost $423 million, or 80 cents per share. Adjusted for one-time items, it lost 8 cents per share, much better than the losses of 56 cents per share that analysts expected, according to FactSet. Revenue fell to $976 million from $2.7 billion, the first time the company has seen revenue fall below $1 billion since late 2007. Analysts had predicted $1.1 billion in revenue.
It is the second quarterly results under CEO John Chen, who is de-emphasizing the hardware business after last year’s BlackBerry 10 failed to spark a turnaround.