Investing.com - Mobile phone maker BlackBerry (NASDAQ:BBRY) saw shares rally sharply in pre-market trade on Thursday, after the company reported a smaller than expected first quarter loss.
Blackberry said it lost $0.11 per share in the three months ended May 31, compared to expectations for a loss of $0.26 per share. The company’s fiscal first quarter revenue totaled $966 million, beating forecasts for revenue of USD963 million.
During the first quarter, approximately 2.6 million BlackBerry smartphones were sold through to end customers.
The company recognized hardware revenue on approximately 1.6 million BlackBerry smartphones compared to approximately 1.3 million BlackBerry smartphones in the previous quarter.
"Our performance in fiscal Q1 demonstrates that we are firmly on track to achieve important milestones, including our financial objectives and delivering a strong product portfolio," said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry.
The company is targeting break-even cash flow results by the end of fiscal 2015.
Following the release of the report, Blackberry shares rallied 9.7% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was steady. The Dow pointed to a loss of 0.05% at the open, the S&P 500 indicated a gain of 0.05%, while the Nasdaq 100 signaled a gain of 0.05%.