WATERLOO, Ont. – BlackBerry is reporting higher revenue and a smaller loss than analysts were expecting.
The smartphone company’s revenue was US$557 million, which is $64 million above the general estimate and up from US$548 million a year ago.
The company’s net loss was US$89 million or 17 cents per share under standard accounting rules. After adjustments, BlackBerry’s loss was US$15 million or three cents per share – far less than estimates.
Analysts projected that BlackBerry would report a loss of 14 cents per share and US$489 million of revenue for the quarter, according to Thomson Reuters.
Chief executive John Chen says the company saw higher revenue across all areas of its focus, including software, and it will increase spending on the launch of the newest BlackBerry smartphone – the first with an Android operating system.
Initial stock market reaction to the quarterly report was positive, with the pre-market price rising by eight per cent from Thursday’s close.