BB Earnings: BlackBerry's Stock Gains as Company Reports First Profit in Three Years
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BlackBerry reported earnings per share of $0.02, which topped the loss of -$0.01 that was forecast among analysts. It was the former smartphone company's first quarterly profit in three years. Revenue in its Fiscal first-quarter totaled $121.7 million, which was nearly $10 million above consensus estimates.
Both of BlackBerry's current operating divisions, cybersecurity and Internet of Things (IoT), posted sales that exceeded analyst estimates. 'BlackBerry made a strong start to the new Fiscal year, building on the solid foundation we as a company have laid over the past year,' said CEO John Giamatteo in the company's earnings statement.
BlackBerry's net income. Source: Main Street Data
Refocused Business
The positive financial results come as BlackBerry refocuses its business under Giamatteo, who has served as CEO since late 2023. Over the past 18 months, BlackBerry has cut costs, sold one of its main cybersecurity businesses, and pivoted to focus on its software business for motor vehicles.
The company returned $10 million to shareholders through stock buybacks, repurchasing 2.57 million shares during the quarter. BlackBerry also maintains a decent balance sheet with $381.9 million in cash on hand at the end of May. BB stock has gained 15% this year.
Is BB Stock a Buy?
BlackBerry's stock has a consensus Moderate Buy rating among three Wall Street analysts. That rating is based on one Buy and two Hold recommendations issued in the last three months. The average BB price target of $4.67 implies 10.40% upside from current levels.
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