Shares of BlackBerry (BBRY) are up 20 cents, or 2.21%, at $9.24 in pre-market trading as the company reported a Q4 loss of $0.08 on Friday, beating expectations for a loss of $0.57. Thomson Reuters (TRI) analysts expected an average net loss of $0.55 a share on $1.11 billion in revenue.
The smartphone maker, which has suffered a difficult year in terms of declining hardware sales and increasingly competition from Samsung, Microsoft (MSFT) and Apple (AAPL), reported a net loss of $423 million, or $0.80 a share, as its revenue for the three-month period ended March 1, dropped below $1 billion. That compared with a year-over-year profit of $98 million, or $0.19 a share.
Revenue fell to $976 million compared with $2.68 billion a year ago. That represents a 64% year-over-year decline and a sequential decline of 18% from Q3’14.
The good news for the struggling Waterloo, Ontario-based company is that while its revenues are still falling, it has been able to efficiently cut expenses, prompting as a result losses that were significantly lower than consensus estimate.
“I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago,” said [via BGR] BlackBerry CEO John Chen, whose Q4 marks its first full three months at the helm of the company. “We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule. BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”