BlackBerry results top expectations

BLACKBERRY has surprised Wall Street by posting results that beat analyst's expectations.

SHARES rose almost 12 per cent in pre-market trading as CEO John Chen cut expenses quicker than expected.

The embattled smartphone company reported net income of $US23 million ($A24.9 million), or 4 cents per share, for the three months ended May 31.It had reported a loss of $US84 million, or 16 cents per share, a year ago.Excluding unusual items, its adjusted loss was 11 cents per share in the latest period. Analysts surveyed by FactSet expected a loss of 35 cents per share.Revenue fell to $966 million compared with $3.07 billion a year ago. Analysts expected $961.7 million.Shares rose 99 cents, or 11.9 per cent, to $9.29 in pre-market trading an hour before US markets open."We are getting very close to making money, or at least break even on hardware. Not quite there yet, but close," Chen said on a conference call with analysts.It is the third quarterly results under Chen, who is de-emphasising the hardware business after last year's launch of the BlackBerry 10 failed to spark a turnaround.The BlackBerry has been hammered by competition from the iPhone as well as Android-based rival."He's doing exactly what John Chen should be doing. He's right sizing the business to fit demand. He is focused in the areas where he is still relevant. He's cut partnerships to shore up weaknesses," said Colin Gillis, an analyst at BGC Partners."If they can get this business where they are selling a million phones a month they'll be a nice little niche. It will be a nice little profitable business."BlackBerry sold 2.6 million phones in the quarter and reported cash and investments of $3.1 billion.

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