BlackBerry Ltd. (TSX:BB) beat both its fourth-quarter profit and revenue estimates, earning $51 million U.S. in its latest quarter as revenue climbed higher due to gains in its software and services business.
The company, which keeps its books in U.S. dollars, says it earned eight cents per diluted share for the quarter ended February 28. That compared with a loss of $10 million, or six cents per diluted share, a year ago.
Revenue in the fourth quarter totaled $255 million, up from $233 million. On an adjusted basis, BlackBerry says it earned 11 cents per share for the quarter. Analysts on average had expected a profit of six cents per share on revenue of $241.3 million, according to Thomson Reuters Eikon.
The former smart phone manufacturer has overhauled its business and now focuses on secure software used in self-driving cars and cloud computing.
Shares in BlackBerry opened Friday on the TSX up $1.55, or 13%, to $13.46.
