Shares of BlackBerry (BBRY) initially climbed on Tuesday after the smartphone-maker reported a worse-than-expected quarterly loss. Excluding charges, BlackBerry reported a first-quarter loss of $28 million, or $0.05 a share, worse than analysts’ expectations for a loss of $0.03 a share, according to Thomson Reuters. It also reported revenue of $658 million, slightly lower than a year ago and below estimates for about $679 million in revenue. As the company’s smartphone sales fell, software sales improved, rising to $137 million, a 150% year-over-year increase. BlackBerry executive chairman and CEO John Chen zeroed in on this area of the business. He said in a statement, ‘I am pleased with the strong performance of our software and technology business. This is key to BlackBerry’s future growth. Our financials reflect increased investments to sales and customer support for our software business. In addition, we are taking steps to make the handset business profitable. We believe these actions are prudent and necessary to grow the business and we believe the remaining milestones in our strategic plan are achievable.’
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