BlackBerry surges despite another loss

Shares of BlackBerry have soared in 2014 as investors bet that new CEO John Chen will turn the company around.

NEW YORK (CNNMoney)

Shares of BlackBerry (BBRY) surged more than 7% in pre-market trading Friday, after the company posted a narrower-than-expected loss for its fiscal fourth quarter.

The company is no longer focusing on beating the iPhone and Android. BlackBerry has lost a lot of market share over the past few years to Apple (AAPL, Fortune 500) and smartphone companies that have devices running on Google (GOOG, Fortune 500)'s Android in the consumer market. But it now has a renewed focus on business customers and a push in software and services that can run on phones made by its competitors.

New CEO John Chen is trying to reverse the company's fortunes, and he said in a statement Friday that BlackBerry is "on sounder financial footing today with a path to returning to growth and profitability."

The company reported sales for the quarter of $976 million, coming slightly short of expectations, while losses were $423 million. That sounds pretty bad until you consider the fact that BlackBerry posted a whopping $4.4 billion loss during the quarter that ended in November.

Related: BlackBerry is one of the top stocks in CNNMoney's Tech 30 this year

And after backing out certain one-time items and charges, BlackBerry lost 8 cents a share in the fourth quarter. Analysts were expecting a loss of 55 cents a share.

Chen said the company had reached its target for reducing expenses one quarter ahead of schedule, and had "significantly streamlined operations." The company also finished the quarter with $2.7 billion in cash.

First Published: March 28, 2014: 8:13 AM ET

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