BlackBerry results beat expectations

Blackberry shares have risen in pre-market trading, after third quarter results that beat analysts' expectations.

BlackBerry has reported quarterly results that beat Wall Street expectations, even as revenue fell sharply.

Shares of the smartphone maker rose almost 4 per cent in pre-market trading on Friday.

CEO John Chen said BlackBerry's latest device, the PRIV, has been "well received" since it went on sale last month. More carriers are expected to offer the phone around the world in the next several quarters, he said.

The Canadian company reported a loss of $US89 million ($A125.04 million), or 17 cents per share, in its fiscal third quarter, compared with a loss of $US148 million, or 24 cents per share, in the same quarter a year ago.

Losses, adjusted for non-recurring costs and amortisation costs, came to 3 cents per share. But that was better than Wall Street expectations.

The average estimate of 12 analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.

Revenue fell 31 per cent from a year ago to $US548 million in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $US485.2 million.

Shares of BlackBerry Ltd. rose 31 cents, or 4 per cent, to $US8.11 in pre-market trading Friday. Its shares are down about 29 per cent since the beginning of the year.


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Source: AAP



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