Research In Motion Posts Profit in Q4 (BBRY)
Research In Motion Ltd. (doing business as BlackBerry) (NASDAQ: BBRY) has reported a surprise profit in its fourth quarter even as the company’s subscriber base fell slightly more than forecast.
During the fourth quarter ended March 2, 2013, the Canada-based company sold around 1 million of its new Z10 touchscreen smartphones. The new phone was launched in January this year.
For the fourth quarter, BBRY reported revenue of approximately $2.7 billion, down 36% over the same period in the previous year. The company’s GAAP income for the quarter from continuing operations stood at $94 million, or $0.18 per share. This compares with GAAP loss from continuing operations of $118 million, or $0.23 per share reported for the same period in the previous year.
Adjusted income from continuing operations for the quarter was $114 million, or $0.22 per share. The company’s GAAP income for the quarter, including discontinued operations, was $98 million, or $0.19 per share.
Analysts were expecting the company to post a loss in the fourth quarter.
CEO Thorsten Heins noted that the company has implemented numerous changes over the past year and those changes have resulted in the company returning to profitability in the fourth quarter. Heins further said that with the launch of BlackBerry 10, the company has introduced the newest and what it believes to be the most innovative mobile computing platform in the market today.
BBRY shares have risen sharply in pre-market trading today. At last check, the stock was trading 1.67% higher at $14.81.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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