BlackBerry Limited (NASDAQ: BBRY) swung to a loss in the fourth quarter of fiscal 2016, reporting a loss $238 million, or $0.45 a share, versus net income of $28 million, or $0.05 per share, in the same quarter last year.
Revenue for the quarter fell to $464 million from $660 million last year. Approximately 70% of fourth quarter software revenue was recurring. The company had over 3,600 enterprise customer wins in the quarter.
As of February 29, the company had total cash, cash equivalents, short-term and long-term investments of $2.62 billion. Operating cash flow was $9 million.
John Chen, executive chairman and chief executive officer, said in a statement that BlackBerry’s Q4 performance was solid overall.
“We made progress on the key elements of our strategy, which are to grow software faster than the mobility software market, achieve device profitability and generate positive free cash flow,” he said.
Chen added: “We have clearly gained traction and market share in enterprise software. We more than doubled our software and licensing revenue in Q4 and exceeded our target of $500 million for the full year. Looking to FY 2017, our strategy is on track and our growth engines are in place to continue to generate above market growth in software and achieve our profitability objectives.”
BlackBerry is looking to focus more on software and services. The company expects to grow software and services at around 30%. For the full 2017 fiscal year, the company anticipates positive free cash flow and adjusted EBITDA.