Waterloo, Ontario — BlackBerry put the black in its first-quarter financial results, posting its first net and operating profit in some time despite a continued decline in revenue.
The company’s positive net income, however, included non-cash income associated with a change in the value of debentures and pretax restructuring charges. Excluding those items, the company posted an adjusted net loss of $60 million.
Revenues in the quarter ending May 31 fell 69 percent from the year-ago quarter to $966 million but fell only 1 percent on a sequential basis.
Operating income hit $20 million compared with a year-ago loss of $169 million and a fourth-quarter loss of $537 million.
Net income hit $23 million compared with a year-ago net loss of $84 million and a fourth-quarter loss of $423 million.
The company is still targeting break-even cash flow by the end of fiscal 2015. It also noted that it reduced its adjusted operating expenses by 57 percent on a year-over-year basis and that expenses were cut 13 percent on a sequential basis.
During the quarter, the company sold 1.6 million smartphones, up from the previous quarter’s 1.3 million but down from the third quarter’s 1.9 million and the second quarter’s 3.7 million.
