BlackBerry's (BBRY) Q2 Report Comes in Surprisingly Positive

BlackBerry (Nasdaq: BBRY) really pulled the old move of promise less and deliver more with today's quarterly report.

Earlier in the session, BlackBerry posted Q2 loss of 47 cents per share, versus company expectations calling for a loss of 47 cents to 51 cents per share and the Street consensus of a 49 cents per share loss. Revs were in-line at $1.6 billion and sales of 5.9 million handsets were also flat with prior expectations.

Notably, BlackBerry previously said it expected to report a primarily non-cash, pre-tax charge against inventory and supply commitments in the second quarter of approximately $930 million to $960 million, which is primarily attributable to BlackBerry Z10 devices. Today, the company announced that the loss would be around $934 million, again, to the positive-end of internal expectations.

Cash burn was still $500 million, bringing its cash and equivalents down to $2.6 billion.

With BlackBerry still exploring strategic options, which may include a sale of the company, today's numbers might bode well for Prem Watsa's Fairfax Financial. Watsa and his firm have moved to acquire BlackBerry for $9 per share and, although today's results aren't enough to drive BlackBerry significantly higher, the investor might be able to use today's data as a backer for raising funds needed to complete his offer.

Fairfax currently holds about a 10 percent stake in BlackBerry.

Shares of BlackBerry are up about 1.9 percent in early trading. For more color on the company's results, click here.

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