It seems that Blackberry's turnaround strategy is effective, as the Canadian company posted profit for the first quarter. Blackberry reported net income of $23 million for the three months ended May 31. It had reported a loss of $84 million a year ago.

Excluding unusual items, its adjusted loss was 11 cents per share in the latest period.

Revenue for the first quarter of fiscal 2015 was $966 million, down $10 million or 1% from $976 million in the previous quarter. The company's revenue was $3.07 billion a year ago.

The revenue breakdown for the quarter was approximately 39% for hardware, 54% for services and 7% for software and other revenue.

During the first quarter, Blackberry recognized hardware revenue on approximately 1.6 million BlackBerry smartphones compared to approximately 1.3 million BlackBerry smartphones in the previous quarter. Approximately 2.6 million BlackBerry smartphones were sold through to end customers, which included shipments made and recognized prior to the first quarter and which reduced the Company?s inventory in channel.

"Our performance in fiscal Q1 demonstrates that we are firmly on track to achieve important milestones, including our financial objectives and delivering a strong product portfolio," said John Chen, Executive Chairman and Chief Executive Officer of BlackBerry. "Over the past six months, we have focused on improving efficiency in all aspects of our operations to drive cost reductions and margin improvement. Looking forward, we are focusing on our growth plan to enable our return to profitability."