By Euan Rocha and Alastair Sharp WATERLOO Ontario/TORONTO (Reuters) – BlackBerry Ltd posted a narrower-than-expected quarterly loss on Thursday as the troubled smartphone makers turnaround efforts started to pay off, raising hope that its chief executive can deliver on a pledge to return the company to steady profits. John Chen, who took the reins at BlackBerry seven months ago, has worked rapidly to trim costs, giving the Waterloo, Ontario-based company more time to stabilize its struggling handset business and earn more money from services and software. BlackBerry shares surged more than 10 percent after the company said it spent less cash than many expected in its fiscal first quarter, ended May 31, and its gross profit margin rose. Theyve got enough liquidity, and theyve given us clear profitability targets. BlackBerry said its low-cost Z3 smartphone was selling well in Indonesia and that its services business, which manages its own and rival mobile devices on the internal networks of large organizations, had won back some customers from rivals.
BlackBerry results top forecasts, fueling recovery hopes
20
Jun
2014
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