BlackBerry beats profit and revenue expectations on software and services gains

The Blackberry logo located in the lobby of the company's B building in Waterloo

The Blackberry logo located in the lobby of the company's B building in Waterloo

The Ontario-based company's net profit was $51m, or 8 cents per share, in the quarter ended February 28, compared with a loss of $10m, or 6 cents per share, a year ago.

"We believe total revenue growth is a significant milestone to both the company and our shareholders", Chen said.

Revenue rose 9 percent to $255 million.

BlackBerry Ltd beat estimates for quarterly profit and forecast fiscal 2020 revenue above analysts' expectations on Friday as its focus on fast-growing markets like autonomous cars and cybersecurity pays off, sending its shares up as much as 15 percent on Friday. On an adjusted basis, BlackBerry says it earned 11 cents per share for the quarter.

In terms of outlook, BlackBerry expects total revenue to grow 23 to 27 percent year-over-year.

On the books, BlackBerry's cash, cash equivalents and investments totaled $1.0 billion, down from 2.3 billion in the same period of past year.

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"For BlackBerry IoT, our goal is to drive profitable revenue growth, increase our market share in the industry vertical that we have been strong in and expand - starting to expand the vertical that we have been underrated", Chen said. Revenue was reported as $916 million.

It has been trying to win investor confidence and make money by selling software to manage mobile devices to corporations and government agencies.

The quarter included BlackBerry's US$1.4-billion acquisition of Cylance, a California-based artificial intelligence and cybersecurity firm.

BlackBerry's cash level fell by $1.4 billion over the quarter as a result of the all-cash Cylance acquisition, but remained at a comfortable $1 billion. "Then, after that, we will integrate Cylance into the QNX offering".

BlackBerry's software and services for enterprises, part of the company's legacy business, reported $92-million of revenue in the fourth quarter, down from $108-million a year earlier. Approximately 93% of fourth-quarter Software and Services revenue (excluding IP licensing and professional services) was recurring after including perpetual licenses.

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