X

Earnings: BlackBerry jumps over 3% after surpassing Q3 expectations

BlackBerry (BB) Thursday reported third-quarter results that surpassed analysts’ expectations. Revenue was flat compared to the year-over period at $226 million, but higher than $212.58 million expected by analysts. Adjusted earnings of 5 cents per share was above analysts’ prediction of 2 cents per share.

BB shares rose 3.4% during pre-market trading, immediately following the announcement.

The phone maker-turned-service provider reaffirmed its outlook for 2019. BlackBerry continues to expect double-digit growth in software and services billings growth. Meanwhile, software and services revenue is projected to see an 8-10% growth.

Adjusted EPS and free cash flow are anticipated to be positive for the full year.

CEO John Chen said, “I’m excited about the pending Cylance acquisition as it will extend our strategy with cutting-edge AI cybersecurity capabilities and, combined with BlackBerry’s capabilities, present the opportunity for revenue acceleration in our businesses, including UEM, QNX, and Spark.

BlackBerry’s cybersecurity push to get a fillip from Cylance buyout

The Waterloo, Canada-based company is depending heavily on mobile security and enterprise software, which form a major part of its new area of operation. BlackBerry is also venturing into the emerging fields of the internet of things (IoT) and autonomous driving, both of which holds a lot of potential.

In the trailing 52 weeks, the shares are down almost 40%. The stock is currently trading near its lowest levels in the past 21 months.

 

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text

Tags: tech stocks
Related Post