BlackBerry beats Wall Street expectations
BlackBerry has reported a lower than expected loss. BlackBerry reported a Q4 loss of $423 million as CEO John Chen is aiming for a turnaround at the company. The company reported a loss of eight cents a share, excluding one-time items. Wall Street was expecting a 55-cent loss for the quarter.
BlackBerry reported a revenue of $976 million in revenue for the quarter ended March 1st, which is down 64% from $2.7 billion in the same period one year ago. BlackBerry’s losses of 80 cents a share is below its profit from a year earlier, but it is an improvement of the losses of $4.4 billion ($8.37 per share) from the prior quarter. Chen is expecting BlackBerry to hit profitability again in 2016.
BlackBerry is cutting its operating expenses in half compared to its first quarter. Companies have been receptive to BlackBerry’s Enterprise Service 12 (BES12), which was announced last month at Mobile World Congress in Barcelona. In Q4, BlackBerry sold around 3.4 million BlackBerry smartphones and 2.3 million were BlackBerry 7 devices.