- Flickr/ Enrique Dans
Struggling tech company Blackberry reported a stronger than expected quarter early Friday.
The phone and software maker announced an earnings per share loss of $0.03 per share against analyst estimates of a $0.09 per share loss. The company, however, whiffed on revenue, generating just $487 million in revenue against analyst expectations of $563 million.
The company has shifted much of its focus to software development and services, an area of the business Blackberry expects to grow as much as 30%.
“We have clearly gained traction and market share in enterprise software,” said CEO John Chen.
“We more than doubled our software and licensing revenue in Q4 and exceeded our target of $500 million for the full year. Looking to FY 2017, our strategy is on track and our growth engines are in place to continue to generate above market growth in software and achieve our profitability objectives.”
The company’s guidance for the full fiscal year 2017 was simply positive cash flow and EBITDA.
After the news, the stock is trading down over 8% at $7.42 as of 9:08 a.m. ET.
- Yahoo Finance