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BlackBerry reports quarterly profit on Qualcomm payment

23 Juin 2017

Canada's BlackBerry Ltd reported a quarterly profit on Friday, helped by a $940 million arbitration payment from US chipmaker Qualcomm Inc.

BlackBerry has focused on its software portfolio with a number of recent acquisitions and is betting on its offerings for the healthcare and automotive industries to fuel growth.

BlackBerry reported a profit of US$671 million, or US$1.23 per share, for the first quarter ended May 31, compared with a loss of US$670 million, or US$1.28 per share, a year earlier.

Revenue fell to $235-million from $400-million. On an adjusted basis, the company reported revenue of $244 million.

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Excluding items, the company earned 2 cents per share.

BlackBerry's shares rose about 50 per cent from roughly $10 in April to a 52-week high of $15.82 on June 1 at the Toronto Stock Exchange.

Citron also projected BlackBerry's shares were likely to reach US$20 on the Nasdaq within 24 months, echoing a Macquarie Research analyst's report from mid-May that said the company's shares could jump to US$45 by 2020.

BlackBerry reports quarterly profit on Qualcomm payment