BlackBerry Limited (NYSE: BB) has reported a net loss for the fourth quarter of 2023 compared to a profit last year, as the tech firm’s revenues declined.
Total revenues decreased to $151 million in the fourth quarter from $185 million in the corresponding period of 2022. An increase in IoT revenues was more than offset by weakness in the other two operating segments.
Reflecting the weak top-line performance, the company reported a loss of $495 million or $0.85 per share for the February quarter, compared to a profit of $144 million in the prior-year period. Adjusted loss, on a per-share basis, was $0.02 per share, compared to earnings of $0.01 per share last year.
“As previously communicated, BlackBerry’s Cybersecurity business unit saw the timing of a number of large government deals slip into later quarters, but we are confident that they will close this fiscal year,” said John Chen, CEO of BlackBerry.