Blackberry turns small Q4 profit as revenues fall

WATERLOO, Ont. – BlackBerry Ltd. (TSX:BB) saw its revenue continue to fall during its fourth quarter but managed a small profit.

BlackBerry’s revenue fell 32 per cent from a year ago to US$660 million from US$976 million a year earlier. Revenue was also down from $793 million in the previous quarter.

But the company’s net income improved to US$28 million or five cents per share, which compared with a $423-million net loss a year earlier.

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Adjusted earnings for the quarter ended Feb. 28 were US$20 million, or four cents per share, up from one cent per share a year before.

READ MORE: BlackBerry denies report of takeover offer from Samsung

The adjusted earnings were above analyst estimates, which called for a loss of six cents per share.

BlackBerry’s revenue was below an estimated US$734.51 million; BlackBerry said its revenue decline included a US$12-million hit due to currency fluctations.

The company noted that it added $608 million of cash to its reserves, bringing the total to $3.27 billion at the quarter’s end.

“We now have a very good handle on our margins, and our product roadmaps have been well received,” Chen said in a statement.

“The second half of our turnaround focuses on stabilization of revenue with sustainable profitability and cash generation.”