Written by StockNews.com
BlackBerry Ltd. (Nasdaq: BBRY) early Friday [Mar 31, 2017 @ 7:04am] posted better than expected fourth quarter earnings results and offered an optimistic outlook for the fiscal year, sending its shares higher in premarket trading.
The Waterloo, Canada-based communications specialist reported adjusted Q4 earnings per share (EPS) of $0.04, which was $0.04 better than the Wall Street consensus estimate of ($0.00).
Non-GAAP revenues fell 39.0% from last year to $297 million, but still topped analysts’ view for $288.45 million.
Looking ahead, the former mobile phone titan — which has been reduced to a fraction of its previous operations as Apple’s iOS devices and Google’s Android phones have taken nearly all of its market share away — issued generally positive fiscal 2018 guidance. BBRY said it expects to grow “at or above the overall market” in its software business, to return to profitability on an adjusted basis, and to generate positive free cash flow for the full year.
John Chen, Executive Chairman and CEO, BlackBerry, commented on its results and outlook via press release:
“I am pleased to report that our Q4 results came in at or above expectations in all major metrics.
In the quarter, we continued to grow our mix of software and services revenue across the company.
In turn, this allowed us to expand our operating margin and report positive free cash flow.
In addition, our balance sheet continues to strengthen and benefit from reduced capital requirements with our focus on software and licensing.”
BlackBerry Ltd shares rose $0.23 (+3.31%) in premarket trading Friday. Year-to-date, BBRY had gained 0.87% prior to today’s report, versus a 5.71% rise in the benchmark S&P 500 index during the same period.
BBRY currently has a StockNews.com POWR Rating of C (Neutral), and is ranked #15 of 32 stocks in the Telecom – Domestic category.
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