BlackBerry Reports First Profit In Three Years

The stock of BlackBerry (BB) is up nearly 10% after the technology company reported its first profit in three years. The Waterloo, Ontario-based Canadian firm’s latest financial results exceeded Wall Street’s expectations.BlackBerry reported earnings per share (EPS) of $0.02 U.S., which topped the loss of -$0.01 U.S. that was forecast among analysts. It’s the former smartphone makers first quarterly profit in three years. Revenue in the company’s fiscal first-quarter totaled $121.7 million U.S., which was nearly $10 million U.S. above consensus estimates.Both of BlackBerry’s current operating divisions, cybersecurity and Internet of Things (IoT), posted sales that exceeded analyst estimates. The positive financial results come as BlackBerry refocuses its business under CEO John Giamatteo, who has led the company since late 2023. Over the past 18 months, BlackBerry has cut costs, sold one of its main cybersecurity businesses, and pivoted to focus on its software business for motor vehicles.The company returned $10 million U.S. to shareholders through stock buybacks, repurchasing 2.57 million shares during the quarter. BlackBerry also maintains a strong balance sheet with $381.9 million U.S. in cash on hand at the end of May. Prior to today (June 25), BB stock had gained 13% this year to trade at $4.33 U.S. per share in New York.