BlackBerry revenue drops 2% to $2.7b in Q4; beats expectations with surprise profit; co-founder Lazaridis bows out

BlackBerry revenue drops 2% to $2.7b in Q4; beats expectations with surprise profit; co-founder Lazaridis ...

Blackberry has just reported its earnings for the quarter and fiscal year that ended March 2, 2013.

The company reported GAAP income of $94 million – surprise! – on revenue of $2.7 billion, down 2% from the previous quarter and down 36% from $4.2 billion in the same quarter of fiscal 2012.

Notably, BlackBerry says it expects to “approach breakeven financial results” in the next quarter:

“The Company will be increasing its marketing investment in the first quarter of fiscal 2014 in support of the global launch of BlackBerry 10.

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.”

Analysts had expected BlackBerry to report a loss of 29 cents per share on $2.85 billion in revenue, according to a consensus estimate from Thomson Reuters.

Revenue from operations for the fiscal year ended March 2, 2013 was $11.1 billion, down 40% from $18.4 billion in fiscal 2012.

BlackBerry reports that it has shipped 6 million smartphones during the three months ended March 2, 2013, including approximately 1 million BlackBerry 10 units. The company’s subscriber base boasts around 76 million people.

In other news: Mike Lazaridis, who co-founded the company nearly 30 years ago, has decided to retire as Vice Chair and a Director of BlackBerry. He will step down from the board effective May 1, 2013.

Also read:

Review: With its US launch, can the Z10 save BlackBerry from itself?

BlackBerry World catalog now boasts 100,000 BlackBerry 10 apps; 30,000 added in last 7 weeks

comScore: Apple debuts 2013 as top US smartphone maker, Samsung gains but Android falls for the first time

Image credit: Justin Sullivan for AFP / Getty Images

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