BlackBerry's Stock Soars After Results Beat Expectations

BlackBerry Ltd.'s stock soared 9% in premarket trade Friday, after the smartphone company reported much better-than-expected fiscal third-quarter results. For the quarter ended Nov. 28, losses narrowed to $89 million, or 17 cents a share, from $148 million, or 28 cents a share, in the same period a year ago. Excluding non-recurring items, the adjusted loss per share came to 3 cents, compared with the FactSet consensus for per-share losses of 15 cents. Revenue fell to $548 million from $793 million, but beat the FactSet consensus of $489 million, boosted by a near tripling in adjusted software and services revenue. The company said about 70% of software revenue was recurring, and that it had 2,713 enterprise customer wins during the quarter. The stock has tumbled 29% year to date through Thursday, but has gained 4% over the past three months. The S&P 500 has slipped 0.8% this year.