BlackBerry Ltd (NASDAQ:BBRY) Shares Jumping More Than 8% Pre-Market

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BlackBerry Ltd (NASDAQ:BBRY) U.S. shares added to early gains in Thursday’s pre-market session after the mobile-communications hardware and software maker reported a narrower-than-expected adjusted loss for its fiscal Q1 as revenue, while down sharply, also topped the Street view. 

Blackberry (NASDAQ:BBRY) was up 8.32% at $8.98 in recent pre-market trading, in a 52-week range of $5.44 to $15.09. 

For the quarter ended May 31, the company reported net income of $23 million, or $0.04 per basic share, compared with a net loss of $84 million, or $0.016 per share, in the quarter ended June 1, 2013. However, on a diluted per-share basis, the company still had a loss: it posted a loss per diluted share of $0.37 in the latest quarter, compared with a loss per diluted share of $0.16 in the year-earlier period. 

Excluding one-time items, the company had an adjusted loss for the latest quarter of $60 million, or $0.11 per share, smaller than the loss of $0.26 per share expected on average by analysts polled by Capital IQ. 

Revenue tumbled 69% to $966 million, but that topped analysts’ mean estimate of $926 million. 

“Our performance in fiscal Q1 demonstrates that we are firmly on track to achieve important milestones, including our financial objectives and delivering a strong product portfolio,” said CEO John Chen. “Looking forward, we are focusing on our growth plan to enable our return to profitability.” 

The company said it is targeting break-even cash-flow results by the end of fiscal 2015.

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