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WATERLOO – BlackBerry Ltd.’s software couldn’t pull in enough revenue to offset losses in the first period since the former smartphone titan formalized its retreat from the device-making business, but CEO John Chen asserted his company will make money this year and grow faster than its competitors next year.

The Waterloo, Ontario-based company reported a loss for the fifth consecutive quarter, surprising analysts with a sharper-than-expected drop in revenue from dwindling handset sales and service fees. Yet it also revised its outlook to expect an adjusted profit this year instead of previous estimates it would break even at best.

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“We’ll make money this year. Nobody believed us in the beginning as you can see, but this quarter we delivered a good surprise,” Chen said in a round table discussion with media. “To the extent we can help it, we don’t have any intention to lose money going forward.”