Blackberry (NYSE:BB) stock is surging higher on Thursday to become the top trending ticker thanks to the company’s most recent earnings report.
Let’s jump into the fiscal Q2 2022 earnings report from Blackberry below to see why BB investors are so happy today!
- Let’s start off with the company’s adjusted losses per share of 6 cents.
- That’s a boon for BB stock as it beats out Wall Street’s estimate of -7 cents per share.
- However, it’s a decline compared to the company’s adjusted earnings per share of 10 cents from the same time last year.
- Moving on to revenue, the company did well with $175 million in its fiscal second quarter of 2022.
- That’s better than the $164 million in revenue that analysts were expecting during the quarter.
- It also represents a slight increase over its revenue of $174 million from the same period of the year prior.
- Another highlight from the company comes via its earnings call.
- It says it has reached a price with an unnamed buyer for several of its patents.
- Unfortunately, BB didn’t reveal that price during the call.
That earnings call also includes comments from Blackberry executive chairman and CEO John Chen concerning its outlook. His statement follows.
“In terms of outlook, we continue to see the past quarter as the low point, but significant headwinds are expected to continue into Q4 and — Q3 and Q4 and perhaps even beyond that, albeit with a sequentially decreasing impact. The impact of the chip shortage on QNX royalty revenue is expected to be buffer somewhat by ongoing strength in design activities. We are comfortable with the current IoT revenue consensus, meaning the full year revenue outlook remains unchanged.”
BB stock was up 12% as of Thursday morning.
Investors looking for more hot stock news today are in luck!
We’ve got all the latest stock news that traders need to know about for Thursday! That includes what’s happening with Eargo (NASDAQ:EAR), Argo Blockchain (NASDAQ:ARBK), and AMC Entertainment (NYSE:AMC) shares. You can learn all about these stocks by checking out the links below!
More Thursday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.