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BlackBerry Gains 7% As Q2 Results, Outlook Impress

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BlackBerry Gains 7% As Q2 Results, Outlook Impress

Shares of BlackBerry Ltd (NASDAQ: BBRY) gained more than 7 percent early Thursday morning after the company reported its second-quarter results.

BlackBerry reported that it earned 5 cents per share in the second quarter on revenue of $238 million. Wall Street analysts were expecting the Canada-based company to lose 3 cents per share on revenue of $219.9 million.

During the quarter, BlackBerry reported a record software and service revenue of $196 million and approximately 79 percent of the software and services revenue was recurring in nature. The company ended the quarter with 3,300 enterprise customer orders.

GAAP net income for the quarter was $22 million while adjusted EBITDA of $50 million marks the 14th consecutive quarter of a positive reading.

BlackBerry ended the quarter with $2.5 billion in cash and cash equivalents, which reflects a break-even free cash flow. Excluding $605 million in face value of BlackBerry's debt, the net cash balance at the end of the quarter was approximately $1.9 billion. The company also bought back 1.9 million shares of its common stock for $17 million.

Looking forward to the full fiscal, BlackBerry guided its sales to be in a range of $920 million to $950 million, which came in higher than the $919.5 million Wall Street analysts were previously modeling.

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Posted-In: Blackberry Canada softwareEarnings News Guidance Movers Tech Best of Benzinga

 

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