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Why Blackberry Stock Is Skyrocketing Today
BlackBerry (NYSE: BB) stock is surging in Friday's trading following the company's recent earnings report. The tech specialist's share price was up 22.4% as of 2:15 p.m. ET.
After the market closed yesterday, BlackBerry reported earnings for the third quarter of its current fiscal year. The company delivered sales, earnings, and guidance that came in ahead of the market's expectations, and it saw new rounds of bullish coverage from analysts following the report.
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BlackBerry beats Wall Street's quarterly targets
BlackBerry's Q3 report showed non-GAAP (adjusted) earnings of $0.02 per share on sales of $162 million for the period ended Nov. 30. The performance came in significantly ahead of the average Wall Street analyst call for a breakeven quarter on revenue of roughly $143 million. Sales were down roughly 7.4% year over year in the period, but still came in ahead of the consensus estimate. Revenue from Internet of Things (IoT) services increased 13% on a sequential quarterly basis, while cybersecurity revenue increased 7% compared to Q2. Solid results for these categories are powering stock gains despite the overall sales decline in the quarter.
Analysts upgrade BlackBerry's outlook
Following BlackBerry's Q3 report, the company's stock received ratings and price target upgrades from multiple analyst firms. TD Cowen raised its rating on the stock from hold to buy and increased its one-year price target from $3.25 per share to $4 per share. Meanwhile, Baird kept a neutral rating on shares and raised its one-year price target from $3 per share to $3.50 per share. On the heels of today's gains, BlackBerry stock is now up roughly 42.5% across 2024's trading.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool recommends BlackBerry. The Motley Fool has a disclosure policy.
