Blackberry Ltd. on Thursday posted a profit for its first quarter of $23 million US, up from a loss of $84 million US one year earlier. The company said in a press release that it had reduced operating expenses by 57 per cent since the same period last year. Its results were buoyed by changes in the company’s long-term debt and pre-tax restructuring charges, without which the company would have posted a loss of $60 million US, it said. Revenue of $966 million was down 68.5 per cent from $3.07 billion US a year earlier. Services accounted for 54 per cent the company’s revenue in the first quarter, while hardware was 39 per cent. A year earlier, BlackBerry's quarterly release said hardware brought in 71 per cent of revenue and 26 per cent came from services. The company said it realized revenue on 1.6 million smartphones in the last quarter, up from 1.3 million in the previous period. While no direct comparison was available for the year-earlier period, its release at that time said it shipped 6.8 million smartphones in the quarter. Blackberry said in the release that it has $3.1 billion US in cash and reserves, up from $2.6 billion US in the previous quarter. The company said it received $287 million US from the sale of real estate in its first quarter, as well as a $397-million US tax refund. During BlackBerry's AGM Thursday, CEO John Chen revealed an upcoming smartphone called the Passport, which has, according to a report on Canada.com, a 4.5-inch screen. BlackBerry spokeswoman Joy Yap said in an email that a launch event for the Passport would be held in September in London. "It's either the world's smallest phablet or the world's largest phone," is how Chen described the Passport during his presentation.