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BlackBerry Shares Surge After Earnings Results Beat Estimates

BlackBerry Shares Surge After Earnings Results Beat Estimates
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Wednesday, 20 December 2017 08:37 AM

Canada's BlackBerry Ltd. reported third-quarter results on Wednesday that beat analysts' forecasts, helped by an increase in business software sales and licensing revenue, sending its stock up more than 7 percent in premarket trading.

The company reported adjusted earnings of 3 cents a share in the quarter ended Nov. 30, better than the average analyst forecast for it to break even, according to Thomson Reuters I/B/E/S. Quarterly revenue fell 25 percent from a year earlier to $226 million, beating the average forecast of $215.4 million.

"It's pretty impressive, beating on both the top and bottom lines," said Ali Mogharabi, an analyst at Morningstar. "The growth specifically in enterprise software is good to see."

The Waterloo, Ontario-based company said enterprise software and services sales jumped 11.5 percent from a year ago to $97 million as it received some 3,000 orders in the quarter from customers including NATO, the U.S. government and Deutsche Bank.

Revenue from intellectual property and licensing surged 67 percent to $50 million. A jump in that category had provided an unexpected boost to company earnings in the second quarter.

Sales in its BlackBerry Technology Solution group - which includes the QNX software used in auto infotainment units and self-driving vehicle systems - were flat at $43 million.

The company's U.S.-listed shares were up 7.5 percent at $11.69 in premarket trading. 

© 2019 Thomson/Reuters. All rights reserved.

   
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Canada's BlackBerry Ltd. reported third-quarter results on Wednesday that beat analysts' forecasts, helped by an increase in business software sales and licensing revenue, sending its stock up more than 7 percent in premarket trading.
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2017-37-20
Wednesday, 20 December 2017 08:37 AM
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