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Canada’s BlackBerry Says Its Turnaround Is Complete

Baystreet.ca - Baystreet - Thu Apr 9, 9:15AM CDT
Canadian technology company BlackBerry (BB) says its multiyear turnaround from a smartphone maker to a software firm has been completed.

The company, once a dominant force in smartphones, has spent years pivoting to software for connected devices and self-driving vehicles.

Management at BlackBerry says they have now completed that turnaround and emerged with a stronger balance sheet.

The comments come as BlackBerry reported its latest financial results.

The company announced earnings per share (EPS) of $0.06 U.S., which was slightly ahead of the $0.05 U.S. forecast on Wall Street.

BlackBerry’s revenue totaled $156 million U.S., above analyst estimates of $144.4 million U.S. Guidance was also strong.

Management said they expect fiscal first-quarter revenue between $132 million U.S. and $140 million U.S., which is above analysts’ estimates of $129.9 million U.S.

BlackBerry said it is seeing strong demand across its cybersecurity and embedded software divisions.

BB stock has declined 61% over the last five years to trade at $3.53 U.S. per share in New York.


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