BlackBerry this morning reported a fourth-quarter loss of $423 million, down from a profit of $98 million in the year-ago quarter.
Selling just 3.4 million smartphones—about 68% of which were highly antiquated BlackBerry 7 devices—revenue came in at only $976 million, a steep fall from the $2.68 billion it generated in the year-ago quarter.
Despite these anemic figures, chief executive officer John Chen affirms he is is happy.
“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense-reduction target one quarter ahead of schedule,” he said. “BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
The Waterloo-based smartphone maker still has a sizeable cash horde at $2.7 billion, but that pile of dough did shrink—last quarter is was well over $3 billion.
BlackBerry is still in the process of laying off thousands of employees and selling the vast majority of its real estate holdings in a continual effort to cut costs.
Shares in BlackBerry rose 2% on the news, bringing its market cap to just over $5 billion. In 2008, the company’s market cap peaked at nearly $90 billion.