BlackBerry Back Above $8, Q2 Results Mixed As Company Lifts Outlook
BlackBerry Ltd (NASDAQ: BBRY) adjusted earnings topped estimates, but revenue fell shy of the expectations. The company lifted its outlook for the fiscal year.
The company suffered a net loss of $372 million, or a loss of $0.71 a share, wider than a net loss of $238 million, or a loss of $0.45 a share, in the year-ago quarter. However, adjusted EPS was break-even thus beating the Street analysts' estimates of a loss of $0.05 a share.
BlackBerry generated adjusted and GAAP revenue of $352 million and $334 million respectively for the second quarter and missed analysts' predictions of $393.75 million. Revenue from software and services accounted for $156 million on a non-GAAP basis and $138 million on a GAAP basis.
Executive chairman and CEO, John Chen said, "We are reaching an inflection point with our strategy. Our financial foundation is strong, and our pivot to software is taking hold."
Moving ahead, BlackBerry lifted its adjusted EPS forecast to a range of breakeven to a loss of $0.05 a share for the current fiscal year compared to the Street estimates of a loss per share of $0.15. Chen indicated that the company is on track to achieve 30 percent revenue growth in software and services for the fiscal year.
The stock traded up by $0.47, or 5.96 percent, to $8.35 in pre-market trading.
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