BlackBerry shares rally after results top expectations

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Shares of BlackBerry Ltd. rose 5.6% after hours on Wednesday after the security-software developer reported fiscal first-quarter results that topped Wall Street estimates, helped by gains in sales in the business it does with governments. The company reported a net loss of $11 million, or 2 cents a share, compared with a loss of $181 million, or 35 cents a share, in the same quarter last year. Revenue more than doubled to $373 million, compared with $168 million in the prior-year quarter. Adjusted earnings came in at 6 cents a share. Analysts polled by FactSet expected an adjusted loss per share of 6 cents, on sales of $161.1 million. Chief Executive John Chen, in the company’s earnings release, called out quarter-over-quarter sales growth in its cybersecurity business, and gains in billings, “anchored on strength in our core verticals, particularly government.” However, he said that BlackBerry’s Internet of Things business saw “some temporary delays to the start of new programs as a number of customers review their plans to capitalize on the software-defined vehicle (SDV) trend, impacting revenue this quarter.”

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