Blackberry reports $5.9bn net loss for latest financial yearMarch 29, 2014 - 12:36 AMT PanARMENIAN.Net - Troubled smartphone maker Blackberry has reported a net loss of $5.9bn for its latest financial year, according to BBC News. However, in the three months to March 1, it recorded a smaller-than-expected loss of $423mln, 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". 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. During the financial year, the company's losses included $934mln on unsold Z10 smartphones, and restructuring costs of $512mln. Fourth quarter revenues fell to $976mln, 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. 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." Blackberry's shares fell nearly 5% on Friday, March 28, reversing initial gains of over 5%. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |