Why BlackBerry Shares Are Bouncing Higher After Hours

BlackBerry Limited BB shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected quarterly results.

What Happened: BlackBerry reported fiscal first-quarter revenue of $373 million, which easily topped 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.

BlackBerry said it will discuss its outlook on its conference call, which will kick off at 5:30 p.m. ET.

See Also: Micron Turns In Better-Than-Expected Q3 Results, Shares Jump

BB Price Action: BlackBerry shares were up 7.11% after hours at $5.35 at the time of publication, according to Benzinga Pro.

Photo: courtesy of BlackBerry.