Canadian Markets closed

BlackBerry narrows loss in Q1, beats estimates

Fin - Dashboard - CA
REFILE - CORRECTING LOCATION BlackBerry Chief Executive John Chen holds up the unreleased Blackberry Passport and Blackberry Classic (R) devices during the company's annual general meeting for shareholders in Waterloo June 19, 2014. BlackBerry Ltd posted a narrower-than-expected loss as the troubled smartphone maker's turnaround efforts started to pay off, raising hopes Chen can deliver on a pledge to return the company to steady profits. REUTERS/Mark Blinch (CANADA - Tags: BUSINESS TELECOMS)

BlackBerry started its 2015 fiscal year with a smaller-than-expected loss as handset sales continued their steep decline.

The company this morning reported an adjusted loss of US$60 million, or $0.11 per share on revenues of $966 million. The loss was smaller than pre-release analyst consensus of $0.26 per share. Compared to the year-ago quarter, when the company lost $84 million, or $0.16 per share, revenues were off 68 per cent as handset sales continued to slide.

BlackBerry sold 1.6 million handsets in its most recent quarter, down from 76 per cent from 6.8 million in Q1 2014 and 7.8 million in Q1 2013 as it continues its transition into an enterprise-focused company.

The company’s cash position improved during the quarter, to $3.1 billion from $2.7 billion the previous quarter.

More to come ...

Carmi Levy is a London, Ont.-based independent technology analyst and journalist. The opinions expressed are his own. carmilevy@yahoo.ca