WATERLOO, Ont. – BlackBerry Ltd. (TSX:BB) narrowed its net loss to US$148 million in its third quarter and did better with adjusted earnings than expected, as the company pushed ahead with it turnaround plan aimed at becoming profitable again.
The Waterloo, Ont.-based company’s net loss was equivalent to 28 cents per share, compared with a loss of $4.4 billion or $8.39 in the same period a year ago.
On an adjusted basis, BlackBerry delivered a profit of one cent per share, beating expectations.
READ MORE: BlackBerry to pay iPhone customers up to $600 to trade in phones
Analysts had anticipated a loss of five cents per adjusted share, according to a survey by Thomson Reuters.
However, the company fell short of expectations on revenue, bringing in US$793 million versus expectations of $931 million.
BlackBerry CEO John Chen has been working to turnaround the company’s money-losing operations, and earlier this week launched the Classic, a throwback to its popular older smartphone models, but with an updated design and features.
READ MORE: BlackBerry launches Classic smartphone in hopes to win back die-hard users
The Classic is designed to look like a new-and-improved version of the BlackBerry Bold 9900. First released in 2011, the Bold became the company’s best-selling device and earned the nickname “CrackBerry” for the company.
– With files from Global News
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