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BlackBerry reports surprise Q4 profit

Former smartphone maker is easing into providing software and services.
BlackBerry reported a surprise fourth-quarter profit after increasing the average price of its smartphones amid slumping sales.
 
Excluding some items, the profit was 4 cents a share in the period ended Feb. 28, the Waterloo, Ontario-based company said in a statement. Analysts had projected a loss of 4 cents a share, the average of 27 estimates compiled by Bloomberg. Sales dropped 32 percent to $660 million, missing analysts’ projections.

The former leading smartphone maker, whose global market share has fallen to less than 1%, is still relying on phones to ease its transition to providing software and services that are compatible with devices made by others. Since September, the company has unveiled three new models – the Leap, the Passport and the Classic — and plans more this year.

BlackBerry shares have fallen 14% this month as analysts from Morgan Stanley and Rosenblatt raised concerns about low demand for the new phones.

©2015 Bloomberg News

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