BlackBerry (NYSE: BB) stock is soaring in Thursday’s trading. The company’s share price was up 12% as of 11:15 a.m. ET. At the same point in the daily session, the S&P 500 and the Nasdaq Composite were both down 0.2%.
BlackBerry published its fourth-quarter results before the market opened this morning and reported sales and earnings for the period. Sweetening the pot, the company also issued forward guidance that was significantly better than Wall Street’s expectations.
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In Q4, BlackBerry recorded non-GAAP (adjusted) earnings per share of $0.06 on sales of $156 million. The performance came in significantly ahead of the average analyst targets, which had called for adjusted earnings of $0.04 per share on sales of roughly $144.5 million.
BlackBerry’s QNX segment grew revenue 20% year over year in the quarter to reach $78.7 million. The performance marked a new record for the segment and helped push overall revenue up roughly 10% year over year.
BlackBerry is guiding for first-quarter revenue to be between $132 million and $140 million — a target that came in far above the average analyst estimate’s previous call for sales of $129.8 million in the quarter. Meanwhile, full-year revenue is projected to be between $584 million and $611 million — surpassing the average Wall Street target’s call for sales of roughly $577.3 million in the year. While BlackBerry’s long-term outlook remains difficult to forecast, the company appears to be making real progress on its turnaround.
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