BlackBerry posts US$495-million loss in Q4 due to impairment charge

BlackBerry Ltd. reported a web lack of US$495 million in its fourth quarter, downfrom incomes US$144 million a yr earlier.

The Waterloo, Ont.-based expertise firm, which experiences in U.S. {dollars}, says earnings per diluted share had been adverse 85 cents for the quarter ended Feb. 28, down from a three-cent loss a yr earlier.

The firm attributed its loss primarily to a $476-million non-cash, goodwill and long-lived asset impairment cost that affected its working revenue.

Revenues for the fourth quarter had been $151 million, down 18 per cent from $185 million a yr earlier.

BlackBerry posted a lack of $734 million for the total monetary yr, down from $12 million in earnings for the prior yr.

The firm’s government chairman and CEO, John Chen, says BlackBerry’s cybersecurity business unit noticed the timing of a number of massive authorities offers slip into later quarters, however he is assured they are going to shut this fiscal yr.

This report by The Canadian Press was first revealed March 30, 2023.