Blackberry posts profit for fourth quarter
Canadian mobile phone firm Blackberry has posted better-than-expected fourth-quarter earnings, but its revenues showed a larger-than-expected drop.
It reported net profit of $28m (£18.8m), against a loss of $148m a year earlier.
It was the second quarter running the company had posted a surprise profit.
However, revenue slid to $660m from $793m, below analysts' expectations. For the year, Blackberry reported that its loss had narrowed to $304m.
"Our focus this past year was on getting our financial house in order while creating a multi-year growth strategy and investing in our product portfolio. We now have a very good handle on our margins and our product roadmaps have been well received,'' chief executive John Chen said in a statement.
"The second half of our turnaround focuses on stabilisation of revenue with sustainable profitability and cash generation."
The firm reported a positive cash flow of $76m, compared with a cash burn of $784m a year previously.
"Blackberry continues to do a good job controlling operating expenses and eliminating its cash burn during its business transition, but the total revenue was still a big miss and we still have concerns about the demand side of the equation," said Morningstar analyst Brian Colello.