Here’s How BlackBerry Made an Unexpected Profit
The new Z10 smartphone from BlackBerry (NASDAQ:BBRY) has carried the company to an unexpected quarterly profit, and it seems that the phone is doing what it was intended to do: lift the company from the slump that it has been experiencing for the past several years, and put BlackBerry back on the cutting edge.
Revenue was still down well below previous year levels, however. Quarterly revenue fell to $2.68 billion, from $4.2 billion in the same quarter last year. The Waterloo, Ontario-based company announced that it moved 1 million Z10s in the fourth quarter, and approximately six million devices total for the period.
Net income reached $98 million, compared with a loss of $125 million the year earlier. That’s a $0.19 gain and a $0.24 loss on a per share basis, respectively. Analysts had been expecting losses of about $0.10 per share.
“We have implemented numerous changes at BlackBerry over the past year and those changes have resulted in the company returning to profitability,” CEO Thorsten Heins said in the statement. “With the launch of BlackBerry 10, we have introduced the newest and what we believe to be the most innovative mobile computing platform in the market today”…