Troubled smartphone maker Blackberry has reported a net loss of $5.9bn (£3.5bn) for its latest financial year.

However, in the three months to 1 March it recorded a smaller-than-expected loss of $423m, compared with a loss of $4.4bn in the previous quarter.

The company said it was pleased with its fourth quarter performance, and that it was on "a path to returning to growth and profitability".

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, the company's losses included $934m on unsold Z10 smartphones, and restructuring costs of $512m.

(BBC)