BlackBerry soars after FQ1 results; expects break-even cash flow this year

|About: BlackBerry Ltd. (BBRY)|By:, SA News Editor

FQ1 revenue of $966M slipped 1% from the previous quarter. Breakdown: 39% hardware, 54% services, 7% software and other. Hardware revenue recognized on about 1.6M smartphones, up from 1.3M the previous quarter.

About 2.6M phones sold to end customers during Q.

Adjusted gross margin of 48% gains 500 basis points from FQ4.

Cash on hand rises to $3.1B from $2.7B, boosted by a tax refund and sale of real estate. Excluding those, company burned through $255M in FQ1, down from $784M previously. Management expects break-even cash flow by the end of fiscal 2015.

Previously: BlackBerry beats by $0.15, beats on revenue

BBRY +9.8% premarket

CC begins at 8 ET.