BlackBerry shares are rallying after the smartphone company narrowed first-quarter losses from a year earlier, a result of management cutting the fat from operations. Over the three months to May, BlackBerry reported net losses of 11 cents a share, more than half what analysts expected and 2 cents less than a year earlier. Revenue took a hit on slimmed-down operations, falling nearly 69% year over year though coming in just over analysts' estimates. BlackBerry drastically reduced the amount it spent over the quarter, down to $255 million from the last quarterâ¿¿s spend of $784 million. Shares soared over 10% on Thursday.

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