BlackBerry Shares Climb as Revenue Slide Slows
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BlackBerry Ltd reported a slightly wider than expected adjusted loss on Tuesday, however shares in the company rose over 8 percent as its revenue slide began to show signs of stalling and its turnaround begins to slowly gain traction.
Excluding a one-time accounting gain and charges related to restructuring items, the company reported a loss of $28 million or 5 cents a share.
Analysts, on average, were expecting a loss of 3 cents a share, according to Thomson Reuters I/B/E/S.
Quarterly revenue was $658 million in the period, slightly lower than the prior quarter.
Crucially for the company that is pivoting to focus on its software business, revenues in that segment more than doubled from the year ago period to $137 million in the current period.
(Reporting by Euan Rocha, Alastair Sharp and Allison Martell in Toronto)