Blackberry reports surprise $23m profit

17:01 • 19.06.14
Economy

Troubled smartphone maker Blackberry has reported a small profit despite a big drop in revenues, the BBC reports.

Net profit for the three months to the end of March was $23m (£14m), compared with an $84m loss a year earlier. Revenue was down 69% at $966m.

The results were better than analysts expected and Blackberry shares rose 10% in pre-market trading in the US.

The company is trying to fight back after losing market share in the high-end smartphone market.

This week it agreed a deal to license Android applications from Amazon's app store.

Under new boss John Chen, the company has embarked on a turnaround plan aimed at focusing more on its services arm while putting a renewed emphasis on its keyboard devices.

"Our performance [in the quarter] demonstrates that we are firmly on track to achieve important milestones, including our financial objectives and delivering a strong product portfolio," Mr Chen said, who took over the company in November last year.

"Over the past six months, we have focused on improving efficiency in all aspects of our operations to drive cost reductions and margin improvement. Looking forward, we are focusing on our growth plan to enable our return to profitability."

Analysts were pleasantly surprised by the latest results.

"The numbers certainly aren't great, but they could have been much worse," said investment research firm Morningstar's Brian Colello.
 

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