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BlackBerry's Turnaround: Live Blog Recap

James Rogers

NEW YORK (TheStreet) -- BlackBerry reported a surprise fourth-quarter profit on Thursday, as the smartphone maker continues to turn itself around.

On an adjusted basis, BlackBerry earned 22 cents a share on $2.7 billion in revenue. Analysts polled by Thomson Reuters expected BlackBerry to post a loss of 29 cents a share on $2.84 billion in revenue. Analysts surveyed by Estimize were looking for a loss of 29 cents a share on sales of $2.85 billion.

The Waterloo, Ontario-based company said it shipped about 6 million BlackBerry smartphones, including 1 million BlackBerry 10 smartphones and approximately 370,000 BlackBerry PlayBook tablets. The company ended the quarter with a subscriber base of 76 million, down from 79 million in the third quarter.

In January, the embattled handset maker unveiled its much-delayed BlackBerry 10 technology, and changed its name from Research In Motion to BlackBerry. Some analysts, however, have cited a disappointing U.S. launch for the Z10, the first BlackBerry 10 smartphone to hit the market.

Confronted with stiff competition from Apple's iPhone and the myriad of Google Android devices, BlackBerry CEO Thorsten Heins tried to convince investors that the company is firmly in turnaround mode. On the conference call, Heins noted that 55% of the 1 million BlackBerry 10 device users came from other platforms.

The focus was on BlackBerry's outlook, given extremely limited expectations for the company's fourth-quarter results. The company announced it intended to report break-even financial results, despite having a 50% increase in marketing spend to support the BlackBerry 10 platform.

For its fiscal first quarter, BlackBerry is expected to report revenue of $3.27 billion and a loss of 10 cents a share, according to Thomson Reuters.

BlackBerry shares rose 3.91% to $15.14 during early Thursday trading.

-- Written by James Rogers and Chris Ciaccia in New York.

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