The Canadian PressMarch 28, 2014 08:32
TORONTO - BlackBerry reported a steep drop in profit and revenue Friday as it transitions from a smartphone company to a software business under its new chief executive. Shares jumped 7 per cent in premarket trading as CEO John Chen cut expenses quicker than expected.
The Canadian company lost $423 million, or 80 cents per share. Adjusted for one-time items, however, the company lost 8 cents per share, much better that the losses of 56 cents per share that Wall Street had expected, according to a poll by FactSet.