BlackBerry Limited (BBRY) swung to a net profit for the quarter ended May 31, 2017. The company has made a net profit of $671 million, or $ 1.23 a share in the quarter, against a net loss of $670 million, or $1.28 a share in the last year period. On an adjusted basis, net profit for the quarter was $10 million, when compared with net loss $1 million in the last year period.
Revenue during the quarter plunged 41.25 percent to $235 million from $400 million in the previous year period. Gross margin for the quarter expanded 2533 basis points over the previous year period to 63.83 percent.
Operating income for the quarter was $536 million, compared with an operating loss of $655 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $40 million compared with $58 million in the prior year period. At the same time, adjusted EBITDA margin improved 252 basis points in the quarter to 17.02 percent from 14.50 percent in the last year period.
"In Q1, we made great progress strengthening our strategic position in emerging growth markets, most notably in cybersecurity and the Enterprise of Things," said John Chen, executive chairman and chief executive officer, BlackBerry. "We secured key design wins in high growth segments of automotive technology, including advanced driver assist, digital instrument cluster and our hypervisor solution. Our ecosystem is growing with Qualcomm and NVIDIA adopting BlackBerry technology for their automotive platforms. Furthermore, we have been recognized once again as a leader in Gartner's Magic Quadrant on the strength of our BlackBerry Secure platform."
Operating cash flow turns positive BlackBerry Limited has generated cash of $863 million from operating activities during the quarter as against cash outgo of $61 million in the last year period.
The company has spent $671 million cash to meet investing activities during the quarter as against cash inflow of $342 million in the last year period.
Cash flow from financing activities was $6 million for the quarter as against cash outgo of $15 million in the last year period.
Cash and cash equivalents stood at $933 million as on May 31, 2017, down 23.84 percent or $292 million from $1,225 million on May 31, 2016.
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