Blackberry Stock Surges on Q2 Earnings Report

BlackBerry (NYSE:BB) stock was flying high on Friday following the release of its earnings report for its fiscal second quarter of 2019.

Blackberry Stock Surges on Q2 Earnings Report

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During its fiscal second quarter of the year, BlackBerry reported earnings per share of 4 cents. This is down slightly from the company’s earnings per share of 5 cents from the same time last year. However, it was good news for BB stock by coming in above Wall Street’s earnings per share estimate of one penny for the quarter.

BlackBerry’s earnings report for its fiscal second quarter of 2019 also includes net income of $43 million. This is an improvement over the company’s net loss of $60 million that was reported in its fiscal second quarter of 2018.

Operating income reported by BlackBerry for its fiscal second quarter of the year came in at $39 million. The tech company reported an operating loss of $65 million for the same period of the year prior.

BlackBerry also reported revenue of $210 million for its fiscal second quarter of 2019. This is down from the company’s revenue of $213 million that was reported in its fiscal second quarter of the previous year. Despite the drop, it is still a boon to BB stock by beating out analysts’ revenue estimate of $207.43 million for the period.

BlackBerry notes that there were two significant segments that fueled its strong fiscal second quarter of the year. These were its BlackBerry Technology Solutions and Enterprise Software and Services businesses. The company also sees a bright future for its BlackBerry Spark and Internet of Things efforts.

BB stock was up 16% as of Friday morning, but is down 15% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/09/blackberry-stock-soars-on-earnings/.

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