BlackBerry shares surge as 4Q profit and revenue beat estimates as it completes makeover

BlackBerry Ltd (NYSE:BB) (TSE:BB) said it earned US$51 million in profit in the fourth quarter as revenue climbed amid the technology company’s pivot to licensed software and services.

In New York, BlackBerry shares jumped nearly 15% to US$10.17 Friday morning, while in Toronto they were up nearly 13% at C$13.29.

The Waterloo-based company, which reports its financials in US dollars, earned $0.08 per diluted share on revenues of $51 million, as compared with a loss of $10 million or $0.06 per share during the same period a year ago.

Revenue for the quarter was $255 million, up from $233 million during the same period a year ago.

Analysts on average had put profit estimates at $0.06 per share on revenue of $241 million.

“We delivered on all of our fiscal 2019 financial commitments and created a solid foundation for continued profitable revenue growth in fiscal 2020,” said John Chen, executive chairman and CEO at BlackBerry. “I am pleased to note that BlackBerry is recognized as a $1 billion-plus revenue company in security software.”

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Story by ProactiveInvestors