BlackBerry Q3 revenues top expectations

DEC 18, 20159:21 PM

[TORONTO] BlackBerry Ltd reported a fiscal third-quarter loss as widely anticipated on Friday, but the company posted its first quarter-to-quarter revenue gain in over two years, indicating that turnaround efforts may be gaining traction.

In the quarter ended Nov 28, the Waterloo, Ontario-based company reported a loss of US$89 million, or 17 cents a share. That compared with a year ago loss of US$148 million, or 28 cents a share.

Excluding a non-cash credit tied to a change in the fair value of debentures, restructuring charges and other one-time items, the company posted a loss of US$15 million, or 3 cents a share.

Quarterly revenue fell 31 per cent to US$548 million from a year earlier, but rose 12 per cent from the prior quarter, after nine consecutive quarters of declines.

Analysts, on average, expected the company to post a loss of 14 cents a share on revenue of US$489 million, according to Thomson Reuters I/B/E/S.

REUTERS