BlackBerry Limited (NYSE:BB) shares are trading higher Thursday after the company reported first-quarter earnings today before the market open.
- BlackBerry stock is showing exceptional strength. What’s driving BB stock higher?
Q1 Highlights
BlackBerry reported adjusted earnings per share of 4 cents, beating the consensus estimate of 3 cents. In addition, it reported revenue of $152.90 million, beating the consensus estimate of $138.18 million and representing a 26% year-over-year increase.
QNX revenue grew 26% year-over-year to $72.3 million, while Secure Communications revenue rose 24% year-over-year to $73.6 million. Adjusted EBITDA grew 144% year-over-year to $36.3 million.
The company posted positive operating cash flow of $4.6 million, its first cash-positive fiscal first quarter in nine years. BlackBerry ended the quarter with $422.9 million in cash and investments and repurchased 2.6 million shares for $10.0 million during the period.
“The foundation of the business is stronger than it has been in years, and we continue to focus on disciplined execution and creating long-term value for our shareholders,” said John Giamatteo, CEO.
Guidance
BlackBerry expects second-quarter adjusted earnings per share of between 3 cents and 4 cents, versus the consensus estimate of 4 cents. Furthermore, it anticipates revenue of $137.00 million to $148.00 million, versus the consensus estimate of $139.53 million.
The company also raised its fiscal-year adjusted earnings per share guidance from between 15 cents and 19 cents to between 16 cents and 20 cents, versus the consensus estimate of 17 cents. BlackBerry raised its revenue guidance as well from between $584.00 million and $611.00 million to between $594.00 million and $621.00 million, versus the consensus estimate of $601.88 million.
BlackBerry Shares Surge
BB Price Action: At the time of publication, BlackBerry shares are trading 8.00% higher at $9.30, according to data from Benzinga Pro.
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