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UPDATE: BlackBerry (BBRY) Posts Q4 adj.-Loss of 8c/Share

March 28, 2014 7:00 AM EDT Send to a Friend
(Updated - March 28, 2014 7:03 AM EDT)

BlackBerry (NASDAQ: BBRY) reported Q4 EPS of ($0.08), $0.49 better than the analyst estimate of ($0.57). Revenue for the quarter came in at $976 million versus the consensus estimate of $1.11 billion.'

"I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago. We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule," said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. "BlackBerry is on sounder financial footing today with a path to returning to growth and profitability."

During the fourth quarter, the Company recognized hardware revenue on approximately 1.3 million BlackBerry smartphones compared to approximately 1.9 million BlackBerry smartphones in the previous quarter. During the fourth quarter, approximately 3.4 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the fourth quarter and which reduced the Company's inventory in channel. Of the BlackBerry smartphones sold through to end customers in the fourth quarter, approximately 2.3 million were BlackBerry 7 devices.

Key points:

-- Adjusted Q4 gross margin of 43%, up from 34% in the prior quarter; and

-- Channel inventory down 30% from the prior quarter.

Outlook:

The Company anticipates maintaining its strong cash position and continuing to look for opportunities to streamline operations. The Company is targeting break even cash flow results by the end of fiscal 2015.

For earnings history and earnings-related data on BlackBerry (BBRY) click here.




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