BlackBerry Q1 revenue, adjusted earnings beat estimates; net loss grows

WATERLOO, Ont. -- BlackBerry Ltd. says it had a net loss of US$60 million in its fiscal first quarter, up from the year-earlier loss of US$10 million, as a result of a number of expense items.

The loss was equivalent to 11 cents per diluted share for the three months ended May 31, up from six cents in the first quarter of fiscal 2018.

But the former smartphone maker, which has evolved into primarily a software company, did better than analyst estimates in terms of adjusted earnings and revenue.

BlackBerry says it earned three cents per share on an adjusted basis while revenue was US$213 million, down from last year's US$244 million.

Analysts had estimated BlackBerry would have a net loss of five cents per share and come close to break-even after adjustments, with revenue of US$208.02 million for the quarter, according to Thomson Reuters Eikon.

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