Why Ericsson Shares Are Rising After BlackBerry Earnings

Telefonaktiebolaget LM Ericsson ERIC shares are trading higher by 3.88% to $5.35 in sympathy with BlackBerry Ltd, which reported better-than-expected first-quarter results on Wednesday.

What Happened?

BlackBerry reported its first quarter fiscal year 2024 results, surpassing non-GAAP earnings expectations. The Cybersecurity business unit achieved sequential revenue and billings growth.

Key financial highlights for the quarter include total company revenue of $373 million, IoT revenue of $45 million and Cybersecurity revenue of $93 million.

The company also experienced a non-GAAP basic earnings per share of 6 cents and a GAAP basic loss per share of 2 cents. BlackBerry's total cash and investments increased by $91 million to reach $578 million, with $99 million generated from operating activities...Read More

According to data from Benzinga Pro, ERIC has a 52-week high of $7.81 and a 52-week low of $5.01.