BlackBerry Sells 200,000 Passports, Turnaround Continues
BlackBerry has sold 200,000 Passport smartphones, rendering the product a profitable one, the Canadian company has reported.
The Waterloo-based smartphone maker’s second-fiscal-quarter earnings saw its net loss narrowed to two cents a share, beating analyst expectations. In total, BlackBerry shipped 2.4 smartphones during the three-month period. (Apple, however, sold 10 million iPhone 6’s within three days of launching.)
Revenue was slightly below expectations, down 42% from a year go to $916 million, but CEO John Chen greatly reduced the company’s costs since taking over last November, allowing it to use just $36 million of its cash pile, far below the $255 million it needed last quarter.
“We delivered a solid quarter against our key operational metrics, and we are confident that we will achieve breakeven cash flow by the end of [fiscal 2015],” said Chen.
BlackBerry affirmed it will reach break-even cash flow by the end of this fiscal year. Chen reiterated that layoffs have also ended.
“Our workforce restructuring is now complete, and we are focusing on revenue growth with judicious investments to further our leadership position in enterprise mobility and security, driving us towards non-GAAP profitability during [fiscal 2016],” added Chen.
