Shares of BlackBerry (BB) fell 10% after the Canadian technology firm reported financial results that disappointed investors.
The Waterloo, Ontario-based company posted a net loss of -$7.4 million U.S. for what was its fiscal fourth quarter.
While that was an improvement from a loss of -$56.2 million U.S. a year earlier, it showed the company remains unprofitable.
BlackBerry, which keeps its books in U.S. dollars, said its loss amounted to -$0.01 U.S. per share for the quarter ended Feb. 28. That was basically inline with analyst consensus forecasts.
Revenue for the quarter totaled $141.7 million U.S., down 7% from $152.9 million U.S. in the same quarter last year.
Among its business units, BlackBerry reported that its secure communications revenue in the quarter amounted to $67.3 million U.S., down from $71.6 million U.S. a year ago.
QNX revenue in the period totaled $65.8 million U.S., down slightly from $65.9 million U.S. the previous year.
The worst-performing unit was licensing, where revenue came in at $8.6 million U.S., down 44% from $15.4 million U.S. in the same quarter of last year.
BlackBerry has struggled for more than a decade to transition away from its original business as a maker of smartphones and into cybersecurity and Internet of Things (IoT) technologies.
The stock of BlackBerry has declined 52% over the last three years and is frequently treated as a meme stock.
The company’s shares currently trade at $3.39 U.S., making it a penny stock defined as any security trading for less than $5.