Proactive Investors - Blackberry Ltd (TSX:BB) shares pointed higher in premarket, after the telecoms tech company reported better-than-expected financials for its first quarter.
The company's earnings per share was reported at negative 3 cents, surpassing analyst expectations of 4 cents per share loss.
Revenue for the quarter came in at $144.00 million, 7.42% higher than the analyst consensus forecast of $134.05 million.
But, the figure nonetheless represents a significant decrease from the $373 million reported in the same quarter last year.
Net loss for the quarter was $42 million, expanded from a net loss of $11 million one year ago.
Basic and diluted loss per share were both $0.07, compared to $0.02 in the previous year.
Ontario headquarters BlackBerry, formerly a smartphone pioneer that’s now focused on ‘intelligent security’ software, told investors that its strategy is delivering results.
“The company is making significant progress towards operational independence for our IoT and Cybersecurity businesses, as well as towards profitability,” chief executive John Giamatteo said in a statement.
“We exceeded our outlook range for both adjusted EBITDA and non-GAAP EPS this quarter and achieved a third consecutive sequential improvement in free cash usage.
Giamatteo added: “BlackBerry remains on track to be both profitable on a non-GAAP basis and generating positive cashflow in the fourth quarter.”
In the market, Blackberry’s New York listed shares were up around 7% changing hands at $2.36.