Quarterly Earnings Down
BlackBerry on Friday posted a sharp drop in revenue and earnings as it transforms from a company to a multifunctional mobile software business under a new director. Shares of the company rose five percent in the morning after the announcement that CEO John Chen reduced costs faster than expected.
The Canadian company lost $ 423 million or 80 cents per share in the fourth quarter, but adjusting exceptional items, the company lost only 8 cents per share, better than falling 56 cents expected Wall Street, according to the firm FactSet, The Associated Press.
Revenue fell to $ 976 million in the quarter ended in March, the first time that the company does not reach 1,000 million from the end of 2007 and was also less than the 1,100 dollars that analysts calculated. BlackBerry reported revenue of $ 2,700 million in the same quarter last year.