News

#Earnings Results: BlackBerry pleases its meme followers with first-quarter earnings beat

Table of Contents

#Earnings Results: BlackBerry pleases its meme followers with first-quarter earnings beat

BlackBerry Ltd. stock rose about 1% in the extended session Thursday after the company reported a narrower-than-expected adjusted quarterly loss and sales that beat expectations.

BlackBerry
BB,
-3.50%
said it lost $62 million, or 11 cents a share, in its fiscal first quarter, compared with a loss of $636 million, or $1.14 a share, in the year-ago quarter. Adjusted for one-time items, the company lost 5 cents a share.

Sales fell to $174 million from $206 million a year ago.

Analysts polled by FactSet had expected BlackBerry to report an adjusted loss of 6 cents a share on sales of $172 million.

The company highlighted its ongoing pivot from hardware producer to security software outfit, touting $107 million in revenue from its cybersecurity unit in the quarter.

“This quarter we aligned the business around the two key market opportunities: IoT and cybersecurity,” BlackBerry Chief Executive John Chen said in a statement.

Despite telling the Securities and Exchange Commission it would stop doing so in 2021, BlackBerry continued its practice of reporting non-GAAP revenue, or revenue that does not conform with Generally Accepted Accounting Principles. 

On a non-GAAP basis, BlackBerry’s operating loss was $23 million, or 5 cents a share. Using GAAP, the losses more than double to $58 million and 11 cents a share, respectively.

Regardless of the accounting practice, the in-line results appeared to please the meme stock’s supporters. The after-hours move reversed a 3.5% loss during regular trading Thursday, and both trading and social-media sentiment volume soared after the company’s disclosure.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our News category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!