BlackBerry Reports A Surprise Profit, But Smartphone Shipments Miss Expectations

Adjusted earnings per share came in a $0.22, which was much better than the $0.30 loss expected.

Net revenue came in $2.68 billion, which was a bit shy of expectations.

During the quarter, the company shipped 6 million smartphones including 1 million BlackBerry 10s.

Analysts were projecting shipments of 6.95 million including 1.1 million BlackBerry 10s.

"Including the anticipated 50% sequential increase in marketing spending, the Company believes it will approach breakeven financial results in the first quarter based on its lower cost base, more efficient supply chain, and improved hardware margins," said management.