After a very long time, some good news is coming from BlackBerry Ltd on Tuesday. According to BlackBerry Ltd, the last ending quarter brings excellent news for them. Their software segment crucial rose in the first quarter, and its broader revenue slide began to ease, sending its shares up 4.3 percent.
The market shows a turnaround for BlackBerry. The result of quarterly revenue totaled as $658 million (roughly Rs. 4,189 crores), slightly lower than the prior period. Still, software revenue more than doubled from a year ago to $137 million (roughly Rs. 872 crores) as the company pivots to that segment.
(Also Read: BlackBerry Passport)
”The reaction is all about the software revenues,” said Morningstar analyst Brian Colello. “This is the best sign yet that the turnaround is working.”
(Also Read: BlackBerry ‘Prague’ Rumored as the First Android-powered Device)
Its shares rose to $9.60 (roughly Rs. 610) in premarket trade on the Nasdaq from a close of $9.20 (roughly Rs. 590) on Monday. The software revenue growth calmed the fears of analysts and investors, who have been concerned about BlackBerry’s ability to grow those revenues as it transforms itself from a hardware-focused company to more of a software and services provider.
(Must Read: Is BlackBerry Venice Coming with Google’s Android ?)
“I’m obviously quite pleased with the quarter. We have some outstanding achievements,” said BlackBerry Chief Executive John Chen on a conference call.
