Canadian phone maker, BlackBerry has said that it has recorded a fall in its profit and revenue during the fourth quarter of the year but also said that business will turnaround.

Chief executive John Chen said, "I am obviously extremely pleased with the Q4 results because it put us on the track and, if not, slightly ahead. I'm very pleased with the fact that the company's now back in execution mode."

The Waterloo, Ontario based company's fourth-quarter was lower than expected. The company recorded a loss of $423 million, or 80 cents a share during the fourth quarter till 1 March, 2014 compared to a profit of $98 million in the same period of the previous year.  The company also said that excluding one-time items, BlackBerry reported a loss of 8 cents a share.

Meanwhile, the revenue of the company was recorded at $976 million compared to $2.7 billion recorded during the same period of the previous year. It the first time that BlackBerry has reported quarterly revenue below $1 billion during the fourth quarter.