WATERLOO, Ont. -- BlackBerry (BB.TO) CEO John Chen says the company's latest financial quarter results met or exceeded expectations on key measurements -- even though it posted another loss and lower revenue for the quarter and financial year ended Feb. 28.

BlackBerry's net loss, reported in U.S. dollars, was $47 million or nine cents per share -- a big improvement from the $238-million loss it had at the same time last year.

Revenue for the former leader in smartphone technology fell to $286 million for the quarter, down 38 per cent from a year before.

But the company was more focused on its adjusted profit of four cents per share -- which compared with a year-ago adjusted loss of three cents per share -- as well as the progress of its turnaround.

Based in Waterloo, Ont., Blackberry had signalled it would begin to recover following the US$117-million loss that it reported in its third quarter.

Chen has focused on positioning BlackBerry as a leader in software security services.

The company is also trying to capitalize on developing software for the self-driving vehicle market, an industry that's expected to take off in the years ahead.

Last September, BlackBerry announced it would no longer make smartphones as its devices became swept aside by consumers in favour of Apple and Samsung phones.

"You need more actual contracts that have the potential to generate revenue," CTV technology analyst Carmi Levy told BNN Friday. "The time for promise is over, the time to actually deliver and actually sell real product is now."

BlackBerry's stock was up 15 per cent at 10:45 a.m. ET. 

--With files from BNN