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Profit of BlackBerry fell 34% to $793m in Q3

Profit of BlackBerry fell 34% to $793m in Q3

NEW YORK: In the third quarter, BlackBerry revenue dropped but the long-suffering smartphone maker reported a surprise bump in operating profits, providing some hope that its turnaround efforts are starting to gain traction.

BlackBerry’s revenues fell 34% to $793 million from $1.19 billion. That’s far below the $931 million in revenues analysts were expecting. But the company shrunk its net loss to $148 million, or 28 cents a share, vs. a year-ago loss of $4.4 billion, or $8.37 a share. On an operating basis, BlackBerry broke into the black, generating $43 million in cash flow.

The earnings report, which came two days after BlackBerry released its latest handset, dubbed the Classic, sent shares falling 0.8% Friday, to close at $9.99. BlackBerry’s revenues fell 34% to $793 million from $1.19 billion. That’s far below the $931 million in revenues analysts were expecting. BlackBerry’s revenues fell 34% to $793 million from $1.19 billion. That’s far below the $931 million in revenues analysts were expecting. Under new CEO John Chen, who joined the company more than a year ago, BlackBerry has cut costs, launched new devices and grown its security software business.

During a conference call on Friday, Chen called the third quarter revenue numbers “not satisfying” and said he will need another couple of quarters before revenues will turn the corner. The Classic has a physical keyboard — like the BlackBerry of old — a larger screen and an expanded app library with access to Amazon’s Android App store.