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.