BlackBerry Ltd released its latest earnings report before opening bell this morning, posting earnings excluding items of 1 cent per share on revenue of $793 million. Analysts had been expecting losses per share of 5 cents on $936 million in revenue. In the same quarter last year, revenue was $1.19 billion.

BlackBerry Ltd Beats On Earnings, Misses Sales

Key metrics from BlackBerry’s earnings report

Reported losses per share were 28 cents, compared to last year’s losses of $8.37 per share.

BlackBerry reported $3.1 billion in cash and investments and $43 million in normalized positive cash flow, compared to $36 million in cash use in the previous quarter. Non-GAAP and GAAP gross margin were 52%, as the company reported a second quarter of positive gross margin in the hardware segment.

“We achieved a key milestone in our eight quarter plan with positive cash flow,” said John Chen, BlackBerry’s Executive Chairman and CEO, in a statement. “We also attained another important milestone in the release of our new enterprise software products and devices. Our focus now turns to expanding our distribution and driving revenue growth.”

Breakdown of BlackBerry’s revenue

The Canadian smartphone maker reported that 46% of its revenue was hardware, 46% was services and 8% was software and other revenue. BlackBerry recognized sales of about 2 million smartphones and sold through about 1.9 million smartphones to end customers. That included shipments made and recognized before the quarter which reduced BlackBerry’s channel inventory.

The company reported $213 million or 26.9% of its total revenue came from North America. $366 million or 46.1% of sales came from Europe, the Middle East and Africa. $84 milllion or 10.6% came from Latin America, and $130 million or 16.4% came from the Asia Pacific region.

BlackBerry provides scant guidance details

Management said they expect to continue the company’s strong cash position and invest in further growth. They still expect at least breakeven cash flow from operations.

Shares of BlackBerry Ltd climbed nearly 6% in premarket trading at the NASDAQ before pulling back by more than 4% following this morning’s earnings report.