The fortunes of BlackBerry (TSX:BB; NASDAQ:BBRY) continue to turn as the Canadian smartphone-maker generated a small — and unexpected — profit in the fourth quarter of 2014.
BlackBerry’s quarterly profit reached $28 million compared with Q3 when it reported losses of $148 million, according to financial results released March 27.
The earnings report defied the expectations of Zacks Investment Research, which had predicted BlackBerry would record losses of 3 cents a share. Instead, the company reported earnings per share of 4 cents.
But BlackBerry’s revenue declined 18% from $793 million in Q3 to $690 million in Q4 of 2014.
Overall, the company reported losses of $304 million during the fiscal year compared with losses of $5.9 billion during the previous period in 2013.
“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. We now have a very good handle on our margins, and our product roadmaps have been well received,” CEO John Chen said in a statment.
“The second half of our turnaround focuses on stabilization of revenue with sustainable profitability and cash generation.”
