BlackBerry Limited (NYSE: BB) beat earnings estimates for the third quarter of 2020, sending the stock climbing 5.8% in premarket hours on Friday. The consensus estimate was for earnings of $0.02 per share on revenue of $275 million.
The company reported an 18% increase in GAAP revenue to $267 million during the quarter compared to the same period a year ago. Adjusted revenue increased 23% to $280 million.
On a GAAP basis, BlackBerry reported a net loss of $32 million compared to a net income of $59 million last year. GAAP loss per share was $0.07 compared to a loss of $0.01 per share last year. Adjusted EPS totaled $0.03.
Total GAAP software and services revenue increased 21% year-over-year to $262 million. On an adjusted basis, software and services revenue rose 26% to $275 million. Adjusted recurring software and services revenue (excluding IP licensing and professional services) was over 90%.
On a geographic basis, revenues increased in the North America and EMEA regions while in Other regions, it remained flat versus the prior-year quarter. By products and services, IoT revenues dipped slightly during the quarter versus last year while licensing revenues saw a double-digit increase. BlackBerry Cylance generated $40 million in revenues during the quarter.
Total cash, cash equivalents, short-term and long-term investments was $970 million as of November 30, 2019. Capital expenditures totaled $3 million in the third quarter.