BlackBerry has reported a net loss of $5.9 billion for its latest financial year.

However, in the first quarter of 2014, BlackBerry recorded a smaller-than-expected loss of $423 million, compared with a loss of $4.4 billion in the previous quarter.

BlackBerry said it was pleased with its fourth quarter performance, and that it was on “a path to returning to growth and profitability”.

BlackBerry has reported a net loss of $5.9 billion for its latest financial year

CEO John Chen said the company was moving to a “sounder financial footing”.

BlackBerry devices have recently lost out in the high-end smartphone market to Apple’s iPhone and phones powered by Google Android operating system.

During the financial year, BlackBerry’s losses included $934 million on unsold Z10 smartphones, and restructuring costs of $512 million.

Fourth quarter revenues fell to $976 million, below analysts’ expectations of $1.1 billion.

As part of its turnaround plan BlackBerry is focusing on its services arm, and is also putting renewed emphasis on its keyboard devices.

John Chen was appointed as interim chief executive in November 2013.

BlackBerry’s shares fell nearly 5% on Friday, reversing initial gains of over 5%.

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