BlackBerry Ltd. (NASDAQ: BBRY) reported first-quarter fiscal 2017 earnings before markets opened Thursday. The smartphone maker posted adjusted breakeven earnings per share for the quarter on adjusted revenues of $424 million. In the same period a year ago, BlackBerry reported a net loss of $0.05 per share on revenue of $658 million. First-quarter results also compare to consensus estimates for a per-share loss of $0.08 and $470.94 million in revenue.

On a GAAP basis, the company posted a diluted first-quarter loss of $1.28, compared with net loss of $0.10 per share in the first quarter of fiscal 20165. The net loss for the quarter totaled $670 million, compared with a net profit of $0.68. The quarterly loss reflected a non-cash, long-lived asset impairment charge of $501 million, a $57 million goodwill impairment charge, inventory write-down of $41 million, $28 million in amortization of acquired intangibles, stock compensation expense of $12 million, purchase accounting deferred revenue write-down of $24 million, $23 million in restructuring charges, $7 million related to acquisition costs and a non-cash credit of $24 million for convertible debt.

Here’s the company’s outlook statement for the current fiscal year:

The Company anticipates maintaining a strong cash position and further reallocating additional resources to go-to-market and product development areas as it continues to execute on its strategy of positive adjusted EBITDA for the full 2017 fiscal year.

The consensus estimates for the second quarter call for an adjusted per-share loss of $0.09 on revenues of $454.85 million. For the full year, analysts expect a per share loss of $0.33 on revenues of $1.8 billion.

The company’s CEO, John Chen, said:

Our current plan calls for continued investments to expand our addressable markets and drive sustainable profitability and revenue growth. For the full fiscal year, we are on track to deliver 30 percent revenue growth in software and services. Based on a more efficient operating model, we expect a non-GAAP EPS loss of around 15 cents, compared to the current consensus of a 33 cent loss. We also expect to generate positive free cash flow for the full year.

That adjusted loss estimate of less than half the consensus estimate gave shares a boost in Thursday’s premarket trading. Shares traded up about 4% at $7.01 just after the opening bell, in a 52-week range of $5.96 to $9.46. The consensus price target for the stock is $7.75.

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