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Be the first with the news that moves the market- A day after reporting a multi-million-dollar loss, common shares of Blackberry (BB) gained on the TSX Friday
- The Ontario-based software and cybersecurity company reported a net loss of US$495 million in its fourth quarter
- The company posted a $144 million gain during the same period the year before
- Blackberry shares gained more than 16 percent at one point on Friday
- Blackberry Ltd. (YSX:BB) is up 14.76 percent, trading at C$6.22 12:32 p.m. ET
A day after reporting a multi-million-dollar loss, common shares of Blackberry (BB) gained on the TSX Friday.
The Ontario-based software and cybersecurity company reported a net loss of US$495 million in its fourth quarter, after posting a $144 million gain during the same period the year before.
A major $476 million non-cash, goodwill and long-lived asset impairment charge was the primary contributor to the red ink.
The company’s common shares fell slightly Thursday following the news.
However, they bounced back in early trading Friday. Blackberry’s common shares gained more than 16 percent at times, hitting $6.34 before noon Eastern Daylight Time.
The company remains bullish on its financial future, pointing to its recent patent sale to Malikie Innovations Limited and a number of projects pending completion.
“This fiscal year, BlackBerry’s IoT business unit set a new record for QNX design wins, with royalty backlog reaching $640 million. Further, despite near-term macro and supply chain challenges for vehicle production, revenue increased by 16% year over year. This quarter we also announced the first IVY design win with a leading automaker,” BlackBerry Executive Chairman and CEO John Chen said in a statement.
“BlackBerry’s Cybersecurity business unit saw the timing of a number of large government deals slip into later quarters, but we are confident that they will close this fiscal year. BlackBerry beat expectations for non-GAAP EPS this quarter and maintains a clear focus on driving towards both profitable growth and positive cashflow.”
Blackberry Ltd. (YSX:BB) is up 14.76 percent, trading at C$6.22 12:32 p.m. ET.
