BlackBerry Reports Q1 Earnings Beat

BlackBerry Ltd BB reported first-quarter earnings of 1 cent per share, which beat analyst estimates by a penny. This is a decrease from earnings of 3 cents per share from the same period last year.

The company reported quarterly sales of $267 million, which beat the analyst consensus estimate of $264.53 million. This is a 23.04% increase over sales of $217 million the same period last year.

"We are off to a good start to achieve our financial outlook for fiscal 2020," said CEO John Chen. "We are ahead of our schedule in our Cylance integration, while investing in the right opportunities to drive long-term growth and profitability for BlackBerry. Customers are looking forward to our robust product cycle this year, with over 30 new secure communication products and services to be released."

BlackBerry shares traded lower by 1.2% at $8.19 in Wednesday's pre-market session. The stock has a 52-week high of $12 and a 52-week low of $6.57 per share.

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