The Globe and Mail reports in its Friday edition that after more than two years of restructuring, BlackBerry boss John Giamatteo declared Thursday that chapter in the company's life is over. The Globe's Sean Silcoff writes that after posting stronger-than-expected fiscal fourth-quarter earnings and laying out a rosy outlook for the new year, BlackBerry is "back to being a growth company." The company's sturdy performance and forecast breathed life into the stock. BlackBerry said revenue for the quarter ended Feb. 28 was $156-million, up 10 per cent year-over-year (all figures U.S.). That exceeded analyst consensus expectations by $10-million and BlackBerry's prior guidance. Operating earnings increased by 71 per cent, to $36.1-million, 24-per-cent above consensus analyst expectations. Adjusted earnings of five cents per share exceeded expectations. It was the third time in four quarters that BlackBerry had posted a net profit, after not doing so for three years. BlackBerry stock traded as much as 14.4 per cent higher Thursday before closing at $3.82 a share in New York, up 8.2 per cent. On Mr. Giamatteo's watch, BlackBerry slashed costs, sold a money-sucking cybersecurity unit and achieved positive operating cash flows.
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