Thursday, May 19, 2022

BlackBerry posts profit for second quarter in a row

BlackBerry Ltd. once more beat analysts’ expectations by posting a small fourth-quarter profit of US$28 million.

Although the smart phone and software company reported a drop in revenue of 33 per cent to $660 million, investors appeared to lock in on the bright side and BlackBerry shares pulled up more than five per cent before opening bell on Friday.

By contrast, the company lost $423 million last year.

This is the second quarter in a row that BlackBerry has posted a profit. After several quarters of losses, the struggling firm reported a $6 million for its third fiscal quarter.

The good news is being taken as a signal that BlackBerry’s turnaround strategy is finally gaining traction.

“Our fiscal viability is no longer in question,” said John Chen, BlackBerry’s CEO, in a conference call. “Our focus this past year was on getting our financial house in order while creating a multi-year growth strategy and investing in our product portfolio.”

At the Mobile World Congress trade show, BlackBerry unveiled two new smart phones, an all-touchscreen model called the Leap and a soon-to-be-named handset that sports a curved edge similar to the Samsung Galaxy S6 Edge.

Earlier this month, BlackBerry announced plans to open up BlackBerry’s key assets including its security services and the BlackBerry Hub interface to Android and iOS phones.

The company also teamed up with Google to support Android for Work and is also working with Samsung on the Korean firm’s Knox security feature.

“We now have a very good handle on our margins, and our product roadmap has been well received,” he said.

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Jim Love, Chief Content Officer, IT World Canada
Nestor E. Arellano
Nestor E. Arellano
Toronto-based journalist specializing in technology and business news. Blogs and tweets on the latest tech trends and gadgets.

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