BlackBerry Ltd. ended the year in the black despite lower revenues as it swung to a US$144-million profit in the fourth quarter.

The Waterloo, Ont.-based company, which reports in U.S. dollars, says it earned US$12 million on US$718 million of revenues in 2021, compared with a loss of US$1.1 billion on US$893 million in 2020.

For the three months ended Feb. 28, it earned 25 cents per basic share, compared with a loss of 56 cents per share or US$315 million in the fourth quarter of 2021.

Adjusted profits were US$6 million, down from US$14 million in the prior-year quarter.

Revenues decreased 12 per cent to US$185 million from US$210 million with $122 million coming from cybersecurity, $52 million from internet of things (IoT) and $11 million from licensing.

Analysts on average expected BlackBerry would post US$29.3 million in adjusted losses on US$186.8 million in profits, according to financial data firm Refinitiv.

"We're pleased with the progress that BlackBerry made this quarter," said executive chairman and CEO John Chen in a news release after markets closed.

"The IoT business recorded its first $50m-plus revenue quarter since the start of the pandemic. In addition to overcoming a number of industry-wide challenges, such as supply chain constraints and the war in Ukraine, the QNX business set another record for quarterly design-related revenue, demonstrating both strong fundamentals and momentum for the business.