BlackBerry Limited (NASDAQ:BBRY) shares were down more than 2 percent in pre-market trading Friday even though the company reported a smaller-than-expected loss for its fiscal second quarter. The company posted a net loss of $207 million, or 2 cents a share excluding items, on revenue of $916 million, compared to an adjusted loss of $248 million, or 47 cents per share, on revenue of $1.6 billion in the year-earlier period.
Wall Street had expected the company to post a quarterly loss of 16 cents per share excluding items, on revenue of $953.89 million, according to analysts polled by Thomson Reuters.
“We delivered a solid quarter against our key operational metrics, and we are confident that we will achieve breakeven cash flow by the end of FY15,” John Chen, executive chairman and chief executive officer of BlackBerry, said in the company’s second-quarter earnings report.
BlackBerry said it sold 2.4 million smartphones during the second quarter and expects to maintain its strong cash position.
“Our workforce restructuring is now complete, and we are focusing on revenue growth with judicious investments to further our leadership position in enterprise mobility and security, driving us toward non-GAAP profitability during FY16,” Chen added.
The struggling designer, manufacturer and wireless solutions company is looking for opportunities to invest in growth after launching its Passport smartphone at simultaneous global events in London, Toronto and Dubai on Sept. 24. Looking ahead, BlackBerry is targeting breakeven cash flow results by the end of fiscal 2015.
“In order to survive and regain the mass appeal it once had, BlackBerry needs to figure out a way to offer something that the market wants and more importantly will buy,” Adam Sarhan, founder and chief executive officer of Sarhan Capital, said to IBTimes.