BlackBerry Ltd reported worse-than-expected first-quarter financial results as phone sales continued their long slide, but software revenue increased as the company turns its focus away from hardware.
The Waterloo, Ontario-based company said it lost of 10 cents per share. After adjustments it lost 5 cents per share.
Meanwhile, revenue fell about 32 per cent to USD 658 million.
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The results fell short of Wall Street expectations, with the average estimate of 15 analysts surveyed by Zacks Investment Research expecting a loss of 4 cents per share.
Eleven analysts surveyed by Zacks expected USD 684.5 million in revenue.
The company, once known for its smartphones, has been trying to refocus on software. During the quarter it completed its acquisition of WatchDox, a provider of secure enterprise file-sync-and-share technology.
Today, it also announced a long-term patent cross-licensing deal with Cisco Systems Inc. Terms of that deal were not disclosed.
Software and technology licensing revenue more than doubled during the quarter to USD 137 million.
US-shares of the Canadian company jumped 54 cents, or 5.7 per cent, to USD 9.69 in premarket trading. BlackBerry shares have declined 16 percent since the beginning of the year.
