BlackBerry Q1 disappoints after 1.1M smartphones sold
For BlackBerry, recovery seems to only get further away.
The Canadian smartphone maker and security solutions provider posted Tuesday a fiscal first-quarter loss of $28 million, or 5 cents a share, on revenue of $658 million (statement).
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Wall Street was expecting a loss of 3 cents per share on revenue on $679 million.
The company has in recent years shifted away from device and hardware sales, what it was long known best for, in favor of providing enterprise services for a range of mobile platforms.
But it's hardware business, which still makes up about two-fifths of the company, is far from dead. BlackBerry said it "recognized revenue" on just 1.1 million devices, with an average selling price of $240.
During the quarter, the company had $3.32 billion in cash and equivalents, an increase of $50 million.
Looking ahead to the second quarter, the company expects to turn a profit "some time in fiscal 2016."
Although BlackBerry's quarter wasn't the greatest, the company got a boost from Wall Street after it signed a patent cross-licensing pact with Cisco. In a statement, BlackBerry said terms of the deal are confidential. But the biggest takeaway may be that BlackBerry's intellectual property can be monetized.
Shares in the company were up more than 8 percent in pre-market trading.