BlackBerry: Smart cost cuts buck forecasts

BlackBerry, the smartphone maker trying to rebuild under a new boss, reported a narrower loss than analysts had estimated as cost cuts helped offset a continued drop in sales. BlackBerry reported a loss of 11 US cents (R1.18) a share in the fiscal first quarter yesterday, excluding one-time items, better than the 25c loss predicted by analysts, according to Bloomberg estimates. Sales in the quarter to May were $966 million. Analysts had estimated revenue of $954m. The chief executive, John Chen, who took over in November, is limiting the company’s dependence on its declining smartphone business while trimming expenses and focusing on business customers, software and mobile services like its BBM instant messaging. He said his goal was a return to profit by the fiscal year that ends in March 2016. – Bloomberg