BlackBerry’s Results Beat Expectations

23 Dec 2015 | Author: | No comments yet »

BlackBerry Earnings Beat Estimates on Software Revenue.

BlackBerry Corp. reported a narrower third-quarter loss than analysts estimated as software revenue kicked in from its acquisition of Good Technology Corp.

Analysts projected that BlackBerry would report a loss of 14 cents per share and US$489 million of revenue for the quarter, according to Thomson Reuters. Chief executive John Chen says the company saw higher revenue across all areas of its focus, including software, and it will increase spending on the launch of the newest BlackBerry smartphone — the first with an Android operating system. “To sustain our current direction, we are stepping up investments to drive continued software growth and the additional Priv launches. I anticipate this will result in sequential revenue growth in our software, hardware and messaging businesses in our software, hardware and messaging businesses in Q4.” BlackBery stock closed Thursday at US$7.80 on the Nasdaq market, which handles most of the BlackBerry trading volume, and at C$10.89 on the Toronto Stock Exchange.

BlackBerry is racing toward a goal of $500-million in annual software revenue by March 2016, a key part of Chief Executive Officer John Chen’s plan to transition the company away from relying on shrinking handset sales. Still, BlackBerry left out the number of smartphones it sold in the quarter, a number investors had been looking for to measure the impact of its new Android phone on sales.

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