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Blackberry Q1 profits, revenues beat forecasts

Blackberry Q1 profits, revenues beat forecasts

Mubasher: Blackberry on Friday posted its profits and revenues in the first quarter ended May 2018 that came beyond analysts’ expectations on the back of double-digit growth in its software and service business.

The Canadian software maker’s software and service revenues rose 18% to $189 million, while total revenue dropped 9.4% to $213 million.

The Ontario-based company posted a net loss of $60 million in the three month ended May, or $0.11 per share, compared with a profit of 671 million or $1.23 per share in the same quarter last year, given that the Canadian firm received a one-time arbitration award of $940 million from Qualcomm.

 Adjusted earnings per share (EPS) was $0.03, exceeding analysts’ expectations that the company would break even this quarter.  

The company’s “operating income was $12 million during the first quarter, and positive for the ninth consecutive quarter,” according to Blackberry’s first quarter results.

Blackberry has been trying to win investor confidence through generating profits from sales of software that manages mobile device to corporations and government entities.

In the meantime, the company is focusing on designing software for the driverless cars, relying on its QNX platform.

The company expects that its total revenue from software and services to grow at a year-on-year rate between 8% and 10%.