الأربعاء , يونيو 17 2020

Blackberry posts profit for quarter

Blackberry logo

Canadian mobile phone firm Blackberry has posted better-than-expected fourth-quarter earnings, but its revenues showed a larger-than-expected drop.

It reported net profit of $28m (£18.8m), against a loss of $148m a year earlier.

It was the second quarter running the company had posted a surprise profit.

However, revenue slid to $660m from $793m, below analysts’ expectations. For the year, Blackberry reported that its loss had narrowed to $304m.

“Our focus this past year was on getting our financial house in order while creating a multi-year growth strategy and investing in our product portfolio. We now have a very good handle on our margins and our product roadmaps have been well received,” chief executive John Chen said in a statement.

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

The firm reported a positive cash flow of $76m, compared with a cash burn of $784m a year previously.

“Blackberry continues to do a good job controlling operating expenses and eliminating its cash burn during its business transition, but the total revenue was still a big miss and we still have concerns about the demand side of the equation,” said Morningstar analyst Brian Colello.

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