TORONTO, March 29 (UPI) -- Canadian technology firm BlackBerry, formerly RIM, said it posted a surprising $98 million profit in its fiscal fourth quarter.
In the quarter that ended March 2, the company posted revenue that was less than expected and said it lost more subscribers than analyst had predicted. On the other hand, in the same quarter a year earlier the smartphone pioneer lost $125 million, the Canadian Broadcasting Corp. reported Friday.
First known as RIM or Research in Motion, the company was one of the earliest success stories in the smartphone business. But it failed to keep up with new developments and was eventually eclipsed by Apple Inc. and the popular iPhone, among others.
But the company is re-inventing itself and unveiled the Z10 and Q10 smartphones in Canada and abroad, the CBC said.
"We have implemented numerous changes at BlackBerry over the past year and those changes have resulted in the company returning to profitability in the fourth quarter," chief executive Thorsten Heins said in a statement.
"The numbers suggest that they're on a recovery path. But the key question is can they execute it," Jefferies analyst Peter Misek said.