BlackBerry Limited (BBRY) shares soared more than 13% on Thursday morning after the company reported its second quarter financial results. Revenue fell 29.3% to $249 million but beat consensus estimates by $29.09 million, while net income came in at five cents per share, exceeding analyst expectations for a break-even quarter. Management’s full-year revenue outlook of $920 million to $950 million also came in well above consensus estimates looking for less than $920 million.
The market has been closely watching BlackBerry’s transition from a smartphone maker to a software company driven by enterprise licenses. During the quarter, enterprise billings grew 19% year over year, driven by its Unified Endpoint Management platform. The company also expanded sales channels or its Radar IoT solution and continues to develop its BlackBerry Secure software and its intellectual property portfolio. (See also: Is BlackBerry a Buy After Its Pivot?)
The Russell 2000 broke out from a nine-month rising channel this week, forecasting higher prices into year end. …read more
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