Research In Motion Ltd reported a smaller-than-expected quarterly loss on Thursday and the struggling BlackBerry maker managed to increase its cash pile in the run-up to the launch of its make-or-break line of next generation devices.
The Waterloo, Ontario-based company reported a net loss of $235 million or 45 cents a share, in its fiscal second quarter, ended Sept 1. That compared with a profit of $329 million, or 63 cents, in the same period a year earlier.
Excluding one-time restructuring-related items, the loss came in at $142 million, or 27 cents a share, in the quarter just ended.
Analysts, on average, had expected RIM to reported a loss of 46 cents a share, according to Thomson Reuters I/B/E/S.
RIM increased its cash to about $2.3 billion from $2.2 billion in the fiscal first quarter.
Having sufficient cash on hand is seen as crucial to a successful launch of RIM's line of revamped smartphones that will run on its new BlackBerry 10, or BB10 operating system.
The company has staked its future on BB10. A one-time smartphone pioneer, RIM's fortunes have faded as rivals such as Apple Inc and Samsung Electronics have taken market share form the BlackBerry with new slick devices like the iPhone 5 and Galaxy S III.
(Reporting by Euan Rocha, Alastair Sharp, Allison Martell and Cameron French)