BlackBerry stock ticks higher on better-than-expected results

BlackBerry stock ticks higher on better-than-expected results

BlackBerry Ltd. shares rose in the extended session Tuesday after the cybersecurity and IoT company’s quarterly results came in better than expected.

BlackBerry
BB,
+4.17%

shares rose 3% after hours, following a 4.2% rise in the regular session to close at $9.25.

The company reported third-quarter net income of $74 million, or a loss of 5 cents a share on a diluted basis, compared with a loss of $130 million, or 23 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were break-even a share.

Revenue declined to $184 million from $218 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a loss of 7 cents a share on revenue of $173.6 million.

“In IoT, our QNX business achieved a quarterly record for design-related revenues, performing stronger than expected despite ongoing industry supply chain headwinds,” said John Chen, BlackBerry chief executive and chairman, in a statement. “On the cybersecurity front we saw further traction for our recent unified endpoint security product launches with additional head-to-head wins against other next-gen players.”

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