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BlackBerry (BB) +11% as revenue “beats expectations” in fiscal Q2
Canadian software company BlackBerry (BB) traded higher on Thursday after all of its businesses beat revenue expectations during the latest quarter.
BlackBerry (BB) “beat expectations” across the board in its fiscal Q2 report on Thursday, paving the way for notable gains in New York as the software company’s share jumped 11%.
For the three months to 31st August, BlackBerry was able to deliver an adjusted loss of $0.06 per share, which was four cents better than the Wall Street consensus.
While revenue dipped from a year ago to $223m, this was easily enough to top the $202.6m forecast from analysts.
Chief executive John Chen hailed a strong quarter for BlackBerry as “all businesses beat expectations” in terms of top-line returns.
He added: “The cybersecurity business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressures.”
BlackBerry shares have been heavily traded in 2021 after becoming one of the ‘meme’ stocks backed by retail investors on social media and Reddit.
This has resulted in a 40% share spike for the year to date, and there were more gains on Thursday as a morning rally sent the BB trading price to $10.72.
BlackBerry did caution that the company could still be hit by the chip shortages during the next two quarters.
Despite the potential downsides, the Canadian company believes that the last three months were a “low point”, so things should improve overall during the remainder of the fiscal year.
Elsewhere, Salesforce (CRM) shares climbed 2.6% after the cloud software company said that it could now post revenue of up to $26.35bn in 2022, which is higher than its previous guidance.
Darden Restaurants (DRI) also made gains of 4.1% after delivering top and bottom-line beats in its latest report.
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