BlackBerry Ltd ( NASDAQ : BBRY) shares showed an improvement beyond what analyst expected. With a loss of 80 cents, the shares made a gain of 50 cents.
John S. Chen, CEO Blackberry in a press release said, “I am very pleased with our progress and execution in fiscal Q4 against the strategy we laid out three months ago, We have significantly streamlined operations, allowing us to reach our expense reduction target one quarter ahead of schedule. BlackBerry is on sounder financial footing today with a path to returning to growth and profitability.”
BlackBerry once was a $20bn company, but now has only a capital of around $4.8 billion. Chen said that there has been a demand of BlackBerry Bold devices and the company will continue to manufacture them with BlackBerry OS 7 —–the older version of BB OS. The current models including Z10 has the BlackBerry OS 10 running on them, which are capable of running Android apps in an isolated environment. Although the company’s user base has fallen from 80 million to 55 million users, company stated to have increase in sales of during the last quarter, and is going to decrease the production costs by making a deal with Foxconn.
The CEO of Canadian company also said that, “It’s not out of the question that we could go back and recapture old ground. That may sound a little funny to you right now, but you never know.”
Mr. Chen also included, “There’s a huge, huge opportunity, I’m going to have a lot to build on for a long time.This clearly is not a slam dunk for BlackBerry, But it’s probably the best place for him to get revenue in the short term.”
BlackBerry devices are known for their strength in encryption. Almost every businessman, politician and world leaders including Mr. President Barack Obama prefer to use BlackBerry for the security purposes.