BlackBerry revenue falls below a $1 billion as company sells few new BlackBerrys

BlackBerry reported a dive in profit and revenue as the company transitions itself from a smartphone company to a software business.

The Canadian company said it lost $423 million, or 80 cents per share, on revenue of $976 million — down from $2.7 billion in revenue the fourth quarter last year. Analysts polled by FactSet expected a loss of 56 cents per share on revenue of $1.1 billion.

Adjusted for one-time items, however, losses were only 8 cents, and shares spiked 7 per cent.

It is the second quarterly results under John Chen, its chief executive, who is deemphasizing the hardware business after last year's launch of the BlackBerry 10 phones failed to spark a turnaround. The BlackBerry has been hammered by competition from the iPhone as well as Android-based rivals.