Don't Hang Up Yet: BlackBerry Turnaround Gains Momentum
Posted in: UncategorizedBlackBerry’s turnaround is gaining momentum, after demand for CEO John Chen’s first major new device outstripped supply and the company reported a smaller loss than estimated.
BlackBerry’s net loss narrowed to 2 cents a share, excluding one-time items, in the fiscal second quarter that ended Aug. 30, the company said today in a statement. That’s better than the 16-cent deficit projected by analysts.
The narrower-than-expected loss was bolstered by cost cuts and stabilizing smartphone sales. Mr. Chen has also sworn off the consumer handset market and instead concentrated the company’s smartphone efforts on business professionals, selling 200,000 of its new square-screen Passport phone in its debut this week. It’s all part of his plan to return to profit next fiscal year.