BlackBerry Beats earnings estimates for software, services

BlackBerry Beats Profit Estimates on Software, Services

BlackBerry announced a fourth quarter profit on Wednesday, which beat analysts' estimates and said it expected strong billing for its high-margin software and services for the whole year.

The company, which reappeared after customers dropped their smartphones for iPhone and Apple devices from Apple, said business software and service business revenue was up 19 percent to $ 108 million (about 703 crores).

"Our strategy works," said CEO John Chen at a morning conference call.

This month, the company extended Chen's chief executive officer's contract, followed by two major software security solutions – one with Jaguar Land Rover and the other with Microsoft.

BlackBerry, which had approximately 3,500 business customer orders in the quarter under review, expects to increase its total business software and service invoices by two in 2019.

"BlackBerry subscription revenue is at a good level. If billing increases, which means that their models go very well with the subscription model," said Global Equities Research with Trip Chowdhry for Reuters.

The company's quarterly earnings were helped by higher software and service margins. BlackBerry gross margins rose to 76 percent of revenue from 60.1 percent a year ago.

Excluding items, a company based on Waterloo, Ontario has earned 5 cents per share. According to Thomson Reuters analysts, I / B / E / S analysts on average expected the company to break.

Net loss was $ 10 million, or 6 cents a share, in the fourth quarter ending February 28, from $ 47 million, or 10 cents a share, a year earlier.

Revenues dropped 18.5 percent to $ 233 million.

BlackBerry shares were slightly lower on the Toronto Stock Exchange.

© Thomson Reuters 2018

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