Why BlackBerry Stock Is Skyrocketing Today
(NYSE: BB) stock is surging in Friday's trading following the company's recent earnings report. The tech specialist's share price was up 22.4% as of 2:15 p.m. ET.
After the market closed yesterday, BlackBerry reported earnings for the third quarter of its current fiscal year. The company delivered sales, earnings, and guidance that came in ahead of the market's expectations, and it saw new rounds of bullish coverage from analysts following the report.
BlackBerry's Q3 report showed non-GAAP (adjusted) earnings of $0.02 per share on sales of $162 million for the period ended Nov. 30. The performance came in significantly ahead of the average Wall Street analyst call for a breakeven quarter on revenue of roughly $143 million. Sales were down roughly 7.4% year over year in the period, but still came in ahead of the consensus estimate. Revenue from Internet of Things (IoT) services increased 13% on a sequential quarterly basis, while cybersecurity revenue increased 7% compared to Q2. Solid results for these categories are powering stock gains despite the overall sales decline in the quarter.
Source Fool.com
