SAN DIEGO (TheStreet) -- BlackBerry (BBRY) reported results from its November quarter on Friday that showed its turnaround initiative is working to cut costs and create profit. Shares of the Waterloo, Ontario-based smartphone maker flew around in turbulent fashion, however, as revenue for the quarter was more than 17% less than market consensus.
"We achieved a key milestone in our eight-quarter plan with positive cash flow. We also attained another important milestone in the release of our new enterprise software products and devices," CEO John Chen said in a statement. "Our focus now turns to expanding our distribution and driving revenue growth."
In BlackBerry's fiscal 2015 third quarter, the company posted a far better-than-expected adjusted profit of $6 million, which equates to earnings of 1 cent a share. Analysts polled by Thomson Reuters were anticipating a loss of 5 cents. Revenue during the three-month period proved to be a surprise of a different kind, coming in at $793 million vs. a market consensus of $931.53 million. The company also sold 1.9 million smartphones, less than most analysts were expecting.
Shares initially rose nearly 3% on the report but quickly reversed course, and were as much as 10% off during the company's Friday morning conference call with analysts. The stock, however, was trying to pick itself back up by mid-morning as shares were down around 6% at $9.45, indicating that Wall Street is having troubling processing the good news with the bad.