BlackBerry (BBRY) Posts Narrower Than Expected Q1 Loss

BlackBerry (NASDAQ: BBRY) reported Q1 EPS of ($0.11), $0.14 better than the analyst estimate of ($0.25). Revenue for the quarter came in at $966 million versus the consensus estimate of $976.25 million..

During the first quarter, the Company recognized hardware revenue on approximately 1.6 million BlackBerry smartphones compared to approximately 1.3 million BlackBerry smartphones in the previous quarter. During the first quarter, approximately 2.6 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the first quarter and which reduced the Company's inventory in channel.

Cash and investments balance of $3.1 billion at the end of the fiscal first quarter, up from $2.7 billion in the prior quarter

"Our performance in fiscal Q1 demonstrates that we are firmly on track to achieve important milestones, including our financial objectives and delivering a strong product portfolio," said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. "Over the past six months, we have focused on improving efficiency in all aspects of our operations to drive cost reductions and margin improvement. Looking forward, we are focusing on our growth plan to enable our return to profitability."

EZ Pass Program resulted in a total of 1.2 million licenses issued for BES10, including more than 10% of total licenses traded in from competitors' Mobile Device Management platforms

The Company anticipates maintaining its strong cash position, while increasingly looking for opportunities to prudently invest in growth. 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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