Shares of enterprise software and services company BlackBerry (NYSE: BB) shot higher on Friday, rising as much as 15.7%. As of 11:00 a.m. EDT, the stock was up 13.7%.
The stock's gain follows fiscal fourth-quarter results that crushed analysts' expectations.
For its fourth quarter of fiscal 2019, BlackBerry reported non-GAAP revenue of $257 million, up 8% year over year. GAAP revenue was $255 million, up 9% year over year. The company's non-GAAP earnings per share for the period was $0.11, up from $0.05 in the year-ago quarter.
On average, analysts were expecting revenue of $241.1 million and non-GAAP earnings per share of $0.06.
BlackBerry CEO John Chen was pleased with the company's strong finish to the year, noting that BlackBerry achieved all of its fiscal 2019 financial commitments.
In 2019, investors should look for BlackBerry to stabilize its enterprise software and services revenue and sustain its licensing, IP, and other revenue. BlackBerry's enterprise software and services revenue declined 18% year over year on a non-GAAP basis, and licensing, IP, and other revenue jumped 71%.
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