Blackberry shares rise in pre-market deals after stronger-than-expected results

While revenue fell to US$233mln from US$286mln the previous year, it was above the consensus forecast

Adjusted earnings per share is expected to be positive in fiscal year 2019

BlackBerry Limited (TSX:BB) shares were higher in pre-market deals after the firm reported narrower-than-expected losses and forecast-topping revenue in the fourth quarter to February 28.

Its net loss for the quarter narrowed to US$10mln (loss of 6 cents per share) from a loss US$47mln (loss of 10 cents per share) in the corresponding quarter of 2017.

READ: BlackBerry, Microsoft partner to release security product for mobile customers

While revenue fell to US$233mln from US$286mln the previous year, it was above the FactSet consensus of US$216mln, helped by software and services revenue of US$218mln which surpassed expectations of US$196mln.

Elsewhere, revenue from handheld devices slumped to US$2mln from US$55mln. The fall was as expected.

BlackBerry said total company software and services billings growth is expected to be in double-digits in the fiscal year 2019 while adjusted earnings per share is expected to be positive.

BlackBerry shares were up 4.8% at US$13.00 in pre-market deals.

Quick facts: Blackberry

Price: 6.37 CAD

Market: TSX
Market Cap: $3.54 billion

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