Blackberry stock rallies after topping Wall Street estimates

3 weeks ago 12

Blackberry Ltd. shares rallied successful the extended league Wednesday aft the cybersecurity and Internet-of-Things institution exceeded Wall Street expectations for the quarter.

Blackberry BB, +2.03% shares surged 9% aft hours, pursuing a 2% emergence successful the regular league to adjacent astatine $9.56.

The institution reported a fiscal second-quarter nonaccomplishment of $144 million, oregon 25 cents a share, compared with a nonaccomplishment of $23 million, oregon 4 cents a share, successful the year-ago period.

The adjusted loss, which exclude stock-based compensation expenses and different items, was 6 cents a share, compared with net of 10 cents a stock successful the year-ago period.

Revenue declined to $175 cardinal from $259 cardinal successful the year-ago quarter. Cybersecurity gross contributed $120 million.

Analysts surveyed by FactSet had forecast a nonaccomplishment of 8 cents a stock connected gross of $161.9 million.

“Revenue for each businesses bushed expectations this quarter,” said John Chen, BlackBerry president and main executive, successful a statement. “The cybersecurity concern portion delivered robust sequential billings and gross maturation and the IoT concern portion performed good successful the look of planetary spot shortage pressures.”

The institution besides announced that John Giamatteo volition caput the cybersecurity concern portion starting Oct. 4. Giamatteo precocious served arsenic president and main gross serviceman of McAfee Corp. MCFE, +0.37%

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