BlackBerry Ltd. posts net income of $23M in Q1

Nathan Andrada – Fourth Estate Cooperative Contributor

Toronto, Canada (4E) – BlackBerry Ltd. said its net income in the first quarter stood at $23mn, from a net loss of $84mn in the year-earlier period. The per-share net loss was $0.37, compared to a $0.16 per share loss in the previous year.

The net income in the latest quarter included the non-cash income related with the change in the fair value of the Debentures of $287mn and pre-tax restructuring charges of $226mn associated to the Cost Optimization and Resource Efficiency program. Stripping off these items, adjusted loss for the period was $60mn and $0.11 per share.

Analysts predicted the Canadian smartphone maker to report a per-share loss of $0.26 for the quarter. Estimates by analysts typically exclude special items.

First quarter revenues were down to $966mn from $3.07bn in the year-ago period. A survey of 29 analysts had forecast the quarter’s revenue to be at $963.17mn.

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