From CNET: Sales are still shrinking at phone maker BlackBerry, but cost-cutting measures buoyed the company's earnings for its fiscal first quarter, the company said Thursday.
BlackBerry, which has been trying to reinvent itself under new leader John Chen, reported a narrower loss than analysts had expected for the quarter, largely attributed to pruning of expenses. But sales continued to decline.
For the quarter ended May 31, the company reported a loss of 11 cents a share compared with estimates around 25 cents to 26 cents a share, according to Bloomberg and Thomson Reuters, respectively. The company generated $966 million in revenue, which was up from analysts' expectations of between $954 million and $963 million. This same time last year, BlackBerry reported revenue of $3.1 billion.
Investors reacted positively to the news. In premarket trading Thursday, BlackBerry's shares, which closed Wednesday at $8.29, were up more than 10 percent.
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