BlackBerry Back In The Black As Z10 Sells

BlackBerry says strong demand for its new Z10 touchscreen device has helped it deliver a return to profitability.

The Canadian firm said it sold about one million of the smartphones in its fourth quarter and shipped another six million of the devices.

It recorded an unexpected profit for the three months to March 2 of $98m (£64m) compared with a year-earlier loss of $125m.

But its share price fell in pre-market trading as revenue fell sharply to $2.68bn from $4.2bn while subscriber numbers also dropped by three million to 76 million.

BlackBerry's share price has been hit since it started to lose market share to iPhone and Android devices.

Just on Monday, the stock value on the Nasdaq plunged 4.5% when investment bank Goldman Sachs cut its rating on BlackBerry, citing "tepid" US sales and poor marketing support.

The US sales figures were not included in BlackBerry's update on Thursday because the Z10 only went on sale in the US on March 22.

The company's reputation had been previously damaged by much-publicised service disruptions.

But chief executive Thorsten Heins hailed the return to profitability as a result of higher margins on the Z10 and cost-cutting.

The result surprised investors and analysts alike.

Jefferies analyst Peter Misek said of BlackBerry: "I thought they were dead. This is a huge turnaround. It's off to a good start."

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