The Waterloo-headquartered tech company’s shares rose Wednesday after it reported first-quarter profits and sales Tuesday evening that surpassed analyst expectations. BlackBerry reported a US$1.9 million profit, while analyst estimates compiled by Visible Alpha expected a net loss of US$10 million. The company also outperformed on revenue, bringing in US$121.7 million and beating analyst expectations of US$112.6 million. (The Logic)
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The Waterloo-headquartered tech company’s shares rose Wednesday after it reported first-quarter profits and sales Tuesday evening that surpassed analyst expectations. BlackBerry reported a US$1.9 million profit, while analyst estimates compiled by Visible Alpha expected a net loss of US$10 million. The company also outperformed on revenue, bringing in US$121.7 million and beating analyst expectations of US$112.6 million. (The Logic)
Talking point: BlackBerry’s revenue beat also marks the first time the technology company has raked up a profit since the fourth quarter of 2022. The company, once a cellphone giant, is restructuring to rejig its QNX division and recently sold off a major cybersecurity division. Meanwhile, it also recently won clearance to provide its AtHoc software to U.S. federal agencies for secure communications.
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