BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) released its latest earnings report this morning, posting losses of 11 cents per share, excluding items. Losses per fully diluted share were 37 cents. GAAP net income was 4 cents per share in earnings, including non-cash income from the change in fair value of the $287 million debentures and $226 million in pretax restructuring charges. That’s compared to last year’s losses of 16 cents per share.

BlackBerry

Revenue fell 1% to $966 million. Analysts had been expecting losses of 28 cents per share on $1.05 billion in revenue.

Breaking down BlackBerry’s earnings

At the end of the first fiscal quarter for 2015, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) had a balance of $2.1 billion in cash and cash investments. That’s an increase from $2.7 billion at the end of the previous quarter. The Canadian company’s adjusted gross margin was 48%, an increase from 43% in the previous quarter. The company cut its adjusted operating expenses by 57% year over year and 13% sequentially.

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) reported that about 39% of its revenue during the quarter was for hardware, while 54% was for services and 7% was for software and other revenue. BlackBerry recognized revenue from about 1.6 million BlackBerry smartphones during the quarter, compared to 1.3 million phones in the previous quarter. The company sold through about 2.6 million smartphones through to end customers during the quarter. That number includes shipments made and recognized before the quarter, which cut BlackBerry’s in-channel inventory.

GAAP net income was 4 cents per share in earnings, including non-cash income from the change in fair value of the $287 million debentures and $226 million in pretax restructuring charges. Excloduing

BlackBerry highlights milestones

During the quarter, BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) successfully launched its Z3 handset in the Indonesian market. The company plans to add eight more countries. BlackBerry also issued 1.2 million BES 10 licenses during the quarter thanks to its EZ Pass Program. Over 10% of the licenses they issued were to customers that traded in from competing mobile device management platforms.

BlackBerry Ltd (NASDAQ:BBRY) (TSE:BB) also launched its Internet of Things product, Project Ion, during the quarter.