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Blackberry raised its outlook for the year and the stock is popping
(The new Blackberry Classic smartphone is shown during a display at the launch event in New YorkThomson Reuters)
Blackberry is bouncing after announcing a stronger than expected third quarter.
The embattled tech company posted adjusted earnings of $0.01 per share for the quarter, higher than the $0.02 per share loss expected by analysts. It did still post a $0.22 per share GAAP loss, worse than the $0.07 per share lost expected by analysts.
The firm did miss on revenue, however, bringing in just $301 million against expectations of $332 million.
Guidance for the firm was also strong, with Blackberry upgrading its outlook for full-year, to breakeven from its previous projection of a $0.05 per share loss, and the fourth quarter, also to breakeven from a $0.01 per share loss.
"We achieved significant milestones in Q3, delivering the highest gross margin in the company's history for the second consecutive quarter and continuing to transform our infrastructure and operations to support an enterprise software business," said Blackberry CEO John Chen in a press release accompanying earnings. "These accomplishments drove operating profitability in all business segments and overall positive non-GAAP EPS."
The gains come one quarter after the firm said it would stop making its own phones, instead contracting out its hardware creation, and focus on its software division.
Following the news, shares of Blackberry were up roughly 3.75% to $8.00 per share as of 7:27 a.m. ET.
(Markets Insider)
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