BlackBerry Q3 loss less than anticipated, revenue above estimates

WATERLOO, Ont. -- BlackBerry (TSX:BB) is reporting higher revenue and a smaller loss than analysts were expecting.

The smartphone company's revenue was US$557 million, which is $64 million above the general estimate and up from US$548 million a year ago.

See Full Article

The company's net loss was US$89 million or 17 cents per share under standard accounting rules. After adjustments, BlackBerry's loss was US$15 million or three cents per share -- far less than estimates.

Analysts projected that BlackBerry would report a loss of 14 cents per share and US$489 million of revenue for the quarter, according to Thomson Reuters.

Chief executive John Chen says the company saw higher revenue across all areas of its focus, including software, and it will increase spending on the launch of the newest BlackBerry smartphone -- the first with an Android operating system.

Initial stock market reaction to the quarterly report was positive, with the pre-market price rising by eight per cent from Thursday's close.

Chen says the new Priv device has been well received since it was launched in November, late in the company's third quarter ended Nov. 28.

"BlackBerry has a solid financial foundation, and we are executing well," Chen said in a statement before a conference call.

"To sustain our current direction, we are stepping up investments to drive continued software growth and the additional Priv launches. I anticipate this will result in sequential revenue growth in our software, hardware and messaging businesses in our software, hardware and messaging businesses in Q4."

Chen has said previously that BlackBerry needs to sell five million phones in the current fiscal year to break even.

BlackBerry stock closed Thursday at US$7.80 on the Nasdaq market, which handles most of the BlackBerry trading volume, and at C$10.89 on the Toronto Stock Exchange.



Advertisements

Latest Economic News

  • Asian stocks rise on global growth hopes

    Economic CTV News
    HONG KONG - Asian stock markets posted strong gains on Tuesday, as an upbeat forecast for global economic growth and the end of the U.S. government shutdown helped lift sentiment. KEEPING SCORE: Japan's benchmark Nikkei 225 index jumped 0.9 per cent to 24,037.86 and South Korea's Kospi advanced 1.1 per cent to 2,522.68. Source
  • South Korea to start real-name trading of crypto currency

    Economic CTV News
    SEOUL, Korea, Republic Of - South Korea plans to require local banks to launch a real-name system for crypto currency trading that will require the up-to-now anonymous transactions be traceable as the country seeks to curb speculation and criminal activities. Source
  • Ex-Fiat Chrysler exec pleads guilty in union payoff scheme

    Economic CTV News
    Al Iacobelli, former Vice President Employee Relations at Chrysler Group LLC is seen on the right, answering a media question, at a news conference on July 25, 2011. (AP / Paul Sancya) Source
  • Netflix shares jump after earnings show subscriber growth

    Economic CBC News
    Netflix Inc added more global subscribers than expected in the fourth quarter, as the video streaming service provider kept viewers hooked with critically acclaimed shows such as "The Crown" and "Stranger Things," sending its shares up 7 percent in aftermarket trading to a record. Source
  • Media mogul Rupert Murdoch says Facebook should pay for news

    Economic CBC News
    Media mogul Rupert Murdoch says Facebook should pay fees to "trusted" news producers for their content. Facebook said last week that it will boost news sources that its users rank as most trustworthy , while shrinking the percentage of news posts overall in users' news feeds. Source
  • Quebec judge refuses to end trial for former Amaya CEO and others

    Economic CTV News
    MONTREAL -- A Quebec judge has refused to stay insider trading charges against former Amaya CEO David Baazov and other accused. Provincial court Judge Salvatore Mascia rejected defence motions to end the case because of the length of time it has taken to reach the trial stage and late filing of prosecution documents. Source
  • Quebec judge rejects Jordan motion to end trial of ex-Amaya CEO and others

    Economic CTV News
    MONTREAL -- An insider trading trial against former Amaya CEO David Baazov and his co-accused is set to get underway in the coming weeks after a Quebec judge rejected a defence motion to stay the process over unreasonable delays. Source
  • Corporate Canada urged to up its game in promoting NAFTA with Americans

    Economic CTV News
    OTTAWA -- For all of Canada's efforts to promote the North American Free Trade Agreement on U.S. soil, there are concerns one important voice from the north has been a little quieter than the rest: Canadian business. Source
  • Sears employees, pensioners alarmed by insolvency fees, lawyers say

    Economic CTV News
    TORONTO -- Sears Canada pensioners, former and current employees say the nearly $52.9 million in professional fees paid by the shuttered retailer during the insolvency process is alarming and concerning, their lawyers told an Ontario court today, noting they reserve the right to challenge them at a later date. Source
  • Apple CEO Tim Cook discusses Malala Fund in exclusive interview

    Economic CTV News
    In a Canadian first, Apple CEO Tim Cook sits down with CTV’s Your Morning for an exclusive interview to discuss his company’s new partnership with Nobel Peace Prize winner Malala Yousafzai. The interview is slated to air on Tuesday morning. Source