Why BlackBerry Shares Are Trading Higher Today

BlackBerry Ltd BB is trading higher Thursday morning after the company announced better-than-expected second-quarter fiscal 2022 financial results.

BlackBerry reported an adjusted quarterly earnings loss of 6 cents per share, which beat the estimate for a loss of 7 cents per share. The company reported quarterly revenue of $175 million, which beat the estimate of $163.5 million.

Total cash, cash equivalents and short-term and long-term investments totaled $772 million.

“Revenue for all businesses beat expectations this quarter. The Cyber Security business unit delivered robust sequential billings and revenue growth and the IoT business unit performed well in the face of global chip shortage pressures,” said John Chen, executive chairman and CEO of BlackBerry.

BlackBerry, once known for being the world's largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises.

BB Price Action: BlackBerry has traded as high as $28.77 and as low as $4.37 over a 52-week period.

The stock was up 7.43% at $10.27 at time of publication.

Photo: courtesy of BlackBerry.