Blackberry shares jumped to near three-year highs Wednesday, after the company reported earnings and revenue in the latest quarter above analyst estimates.
On a generally accepted accounting principles basis (GAAP) the loss per share widened to 52 USA cents from 22 United States cents in the same period of 2016.
The company reiterated its full year guidance, with adjusted revenues seen at United States dollars 920-950 million, adjusted software and services revenue up 10-15 percent and positive adjusted EPS, plus a positive free cash flow. "Our progress, in both our financial and strategic objectives, is notable", said John Chen, Executive Chairman and CEO, BlackBerry.
"We have very good momentum", Chen said in an earnings call, singling out government sales to the U.S., Canada and Germany.
Shares jumped 12 percent to C$15.68 on the Toronto Stock Exchange, its highest since April 2013. Earnings, adjusted for non-recurring costs and amortization costs, came to 3 cents per share. Its chief operating officer resigned last month. "The growth specifically in enterprise software is good to see".
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The loss, reported in US currency, included $149 million in expenses after BlackBerry lost an arbitration of a dispute with Nokia.
In BlackBerry Ltd.'s most recent quarter ended November 30, it lost US$275 million under USA generally accepted accounting principles.
Sales in its BlackBerry Technology Solution group - which includes the QNX software used in auto infotainment units and self-driving vehicle systems - were flat at $43 million.
"They're on a good path, and they're consistently moving in the right direction", said Nicholas McQuire, vice president of enterprise research at CCS Insight.
Last week, BlackBerry announced a partnership with Japan-based Denso Corp. - one of Toyota's technology suppliers - to work with Intel to develop an integrated platform for co-ordinating various human-machine interfaces. Revenue from intellectual property and licensing surged 67 percent to $50 million.