BUSINESS

BlackBerry Turns A Small Profit In 4th Quarter, But Revenue Sinks

03/27/2015 07:32 EDT | Updated 05/27/2015 05:59 EDT
Bloomberg via Getty Images
John Chen, chief executive officer of BlackBerry Ltd., speaks during the unveiling of the Classic smartphone at an event in New York, U.S., on Wednesday, Dec. 17, 2014. BlackBerry Ltd. is going back to its roots with a keyboard-equipped phone that looks like the original 'crackberrys' that made the Canadian smartphone maker a household name. Photographer: Michael Nagle/Bloomberg via Getty Images
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.

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.

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."

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