BlackBerry Achieves Non-GAAP Profitability and Positive Cash Flow for the Fiscal 2015 Third Quarter
In a recent announcement, BlackBerry has revealed the Q3 Fiscal 2015 results and the revenue for the third quarter of 2014 is $793 million. The breakdown of this revenue for the particular month was also given by the company in which it appeared that 46% was for hardware, 46% for services and 8% for software and other revenue. For the quarter, the Canadian based phone company has recognized revenue on approximately 2 million BlackBerry smartphones out of which 1.9 million have been sold and reached the end customers.
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Executive Chairman and CEO John Chen said "We achieved a key milestone in our eight quarter plan with positive cash flow. We also attained another important milestone in the release of our new enterprise software products and devices. Our focus now turns to expanding our distribution and driving revenue growth."
Below are some of the highlights from the financial report;
• Cash and investments balance of $3.1 billion at the end of the fiscal quarter
• Normalized positive cash flow of $43 million in the quarter, compared to cash use of $36 million in the prior quarter
• Non-GAAP earnings of $0.01 per share compared to a loss of $0.02 per share in the prior quarter
• Non-GAAP and GAAP gross margin of 52%, driven by a second consecutive quarter of positive hardware gross margin
• Non-GAAP operating profit of $16 million, up from $2 million last quarter
Some other important factors to be considered included the completion of the company’s acquisition during this period of Movirtu which is a provider of virtual SIM solutions. Another acquisition was also completed during this quarter with Secusmart which is a leader in high-security voice and text encryption, after the quarter ended.
Moreover, the company is reasonable content with its position in the market and the positive cash flows which are expected to remain stable and strong for the near future. It is expected that the company will at least break even or get better cash flows from its operations.
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