BlackBerry Stock Is Climbing: What's Going On?

BlackBerry Limited BB shares are trading higher Thursday after the company reported better-than-expected financial results.

What Happened: BlackBerry reported fiscal first-quarter revenue of $373 million, which beat the consensus estimate of $160.35 million, according to Benzinga Pro. IoT revenue came in at $45 million, cybersecurity revenue totaled $93 million, and licensing and other revenue accounted for $235 million.

The company reported quarterly adjusted earnings of 6 cents per share, which beat analyst estimates for a loss of 5 cents per share. 

"This quarter we delivered sequential revenue growth in our Cybersecurity business unit. Revenue growth was driven by a year-over-year increase in billings and pipeline, anchored on strength in our core verticals, particularly government," said John Chen, executive chair and CEO of BlackBerry.

On the conference call following the company's quarterly results, management reiterated the same outlook as provided at its analyst day last month. BlackBerry said it continues to expect to meet estimates moving forward, citing a strong backlog, a pipeline of upcoming potential design wins and ongoing secular trends.

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BB Price Action: BlackBerry shares were up 8.18% at $5.42 at the time of writing, according to Benzinga Pro.

Photo: courtesy of BlackBerry.