BlackBerry rises on surprise quarterly profit

BlackBerry

04/04/2024 11:05

** U.S. listed shares of BlackBerry  BB.N  rise 7.8% to
$3.03 premarket  
    ** The Canadian security software provider reported a
surprise profit for the fourth quarter on Wednesday, helped by
higher demand for its cybersecurity services amid growing online
crimes and high-profile hacks
    ** BB reports Q4 rev of $173 mln vs. estimates of $154.8
mln- LSEG
     ** Co reports Q4 adjusted net income of $16 mln vs.
estimates of adjusted net loss of $22.4 mln, Q4 adjusted EPS of
3 cents compared to estimate of adjusted loss of 3 cents per
share
    ** BB expects Q1 rev between $130 mln and $138 mln vs.
estimates of $147.7 mln
    ** Co expects rev for fiscal year 2025 to be between $586
mln and $616 mln vs. estimate of $655.3 mln
    ** 1 of 8 brokerages rate the stock "buy" or higher, 6
"hold" and 1 "sell" or lower; their median PT is $3.50
    ** Stock has fallen ~20.6% so far this year, after rising
~8.6% in 2023

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))