Canadian mobile phone giant Blackberry has announced that in the last three months it has made a net loss of $670 million (£450 million), nearly triple the loss made in the previous quarter due to a write-down of some assets and restructuring costs. However, without one-off costs, the company posted a $14 million profit.
 
Despite the hit, Blackberry shares gained in early trading as it said losses for the whole year would be lower than expected.
 
John Chen chief executive stated that greater efficiencies and strong growth in software and services would trim its losses and that losses would be 15 cents per share in comparison with the analysts 33 cents per share.
 
Morningstar analyst, Brian Colello, said: "They have not put figures behind some of their forecasts in quite some time, and hopefully that speaks to improved visibility into the business.”
 
Blackberry will now be moving more towards device software used by companies and governments rather than smartphone sales.
Figures show that across the business, total revenue fell 14% to £400 million in the three months to the end of May.