BlackBerry suffers first-quarter loss as sales dropped drastically

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BlackBerry reported a first-quarter loss that missed analysts? estimates as sales from smartphones dropped.

The loss excluding certain items was 5 cents a share in the period that ended May 30, Waterloo, Ontario-based BlackBerry said Tuesday in a statement.

Analysts predicted a loss of 4c, the average of estimates compiled by Bloomberg.

Chief executive officer John Chen set a goal of doubling yearly software revenue to $500m by March 2016 as the company seeks to reduce its reliance on shrinking smartphone sales. It?s bought three security-focused software companies since July, including Secusmart, a provider of anti- eavesdropping technology whose clients include German Chancellor Angela Merkel.

Smartphone revenue fell to about $263m from $379m in the first quarter of last year. It was the first full quarter where its new keyboard-equipped Classic phone was available.

Software revenue was $137m, compared with $67m in the fourth quarter.

The shares have declined 16% this year through Monday.