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Free Post Earnings Research Report: BlackBerry's Revenues Beat Estimates; Adjusted Earnings Surged 50%

ACCESSWIRE

LONDON, UK / ACCESSWIRE / July 13, 2018 / If you want access to our free earnings report on BlackBerry Ltd (BB), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BB. The Company reported its financial results on June 22, 2018, for the first quarter of the fiscal year 2019. The enterprise software and services Company surpassed estimates for revenues and earnings for Q1 FY19. In addition, the Company provided its outlook for the full fiscal year 2019. Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, BlackBerry most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=BB

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Earnings Highlights and Summary

For the first quarter of the fiscal year 2019, BlackBerry's revenues dipped 9.4% to $213.0 million compared to $235.0 million in the first quarter of the fiscal year 2018. The Company's revenue numbers surpassed analysts' estimates of $206.0 million. The Company's non-GAAP revenues were $217.0 million in Q1 FY19 compared to $244.0 million in Q1 FY18.

During Q1 FY19, BlackBerry incurred cost of sales of $52.0 million versus $85.0 million, decreasing 38.8% on a y-o-y basis. The Company's gross margin grew 7.3% to $161.0 million in the reported quarter compared to $150.0 million in the year ago same period.

For the reported quarter, BlackBerry posted an operating loss of $65.0 million compared to an operating income of $536.0 million in the year ago corresponding period. The Company's non-GAAP income dropped to $12.0 million in Q1 FY19 from $14.0 million in Q1 FY18.

BlackBerry‘s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) dipped to $31.0 million in the reported quarter versus $40.0 million in the year ago comparable period. The Company reported a net loss of $60.0 million in Q1 FY19 compared to a net income of $671.0 million in Q1 FY18.

For Q1 FY19, BlackBerry reported a diluted loss per share of $0.11 compared to earnings per share (EPS) of $1.23 in Q1 FY18. The Company's non-GAAP EPS improved 50.0% to $0.03 in Q1 FY19 compared to $0.02 in Q1 FY18, beating analysts' expectations of breakeven on a per-share basis.

Product and Service Details

BlackBerry's revenues are classified by product and service type, namely (i) Enterprise Software and Services; (ii) BlackBerry Technology Solutions; (iii) Licensing, IP, and Other; (iv) Handheld Devices; and (v) Services Access Fees (SAF).

During Q1 FY19, BlackBerry's Enterprise Software and Services revenues dipped 14.1% to $79.0 million compared to $92.0 million in Q1 FY18, due to a lower number of perpetual licenses sold and a reduction in revenues recognized on perpetual licenses as a result of the adoption of ASC 606.

For the reported quarter, BlackBerry Technology Solutions revenues advanced 30.6% to $47.0 million compared to $36.0 million in the year earlier same quarter, driven by its agreement with Qualcomm Technologies Inc.

BlackBerry's Licensing, IP, and Other revenues zoomed 96.9% to $63.0 million in Q1 FY19 compared to $32.0 million in Q1 FY18, primarily due to higher IP revenues.

For Q1 FY19, BlackBerry's Handheld Devices revenues dropped 78.4% to $8.0 million from $37.0 million in Q1 FY18.

Blackberry's SAF added revenues of $16.0 million in Q1 FY19 compared to $38.0 million in Q1 FY18, declining 57.9% on a y-o-y basis.

Cash Matters

As of May 31, 2018, BlackBerry's cash and cash equivalents stood at $520.0 million compared to $816.0 million as of February 28, 2018. The Company had a long-term debt of $810.0 million as of May 31, 2018, versus $782.0 million as of February 28, 2018. For the reported quarter, the Company used cash in operating activities of $7.0 million compared to cash generated of $863.0 million in the comparable period of the prior fiscal year.

Outlook

For the full fiscal year 2019, BlackBerry expects total software and services revenue growth to be in the range of 8% and 10%, and total software and services billings growth to be in double-digits. The Company projects non-GAAP EPS to be positive for FY19. It expects free cash flow to be positive, before considering the impact of restructuring and legal proceedings for FY19.

Stock Performance Snapshot

July 12, 2018 - At Thursday's closing bell, BlackBerry's stock climbed 2.13%, ending the trading session at $10.09.

Volume traded for the day: 2.97 million shares.

Stock performance in the past twelve-month period - up 1.92%

After yesterday's close, BlackBerry's market cap was at $5.48 billion.

The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 1.7% at the end of the session.

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