BlackBerry jumps on strong quarterly results as Chen lauds company’s evolution GlobeBusiness
John Chen believes BlackBerry Ltd. is finally a whole new beast. Investors began rewarding him handsomely for it Friday.
The company hasn’t quite hit that yet. Annual revenue for the company’s 2019 fiscal year, which ended in February, actually dipped 3 per cent from fiscal 2018 to US$904-million.Howevewer, BlackBerry’s U.S.-listed shares shot up nearly 12 per cent to US$9.92 in premarket trading Friday as the company reported fourth-quarter and full-year results for its 2019 fiscal year, which ended in February. It posted fourth-quarter revenue of US$255-million, up 9 per cent from the same period in 2018.
Analysts have warned that licensing and IP revenue can be difficult to predict with BlackBerry – and RBC Dominion Securities analyst Paul Treiber noted Friday morning that the positive quarter was “entirely attributable” to that revenue line. Mr. Chen, however, said that the company projected US$270-million in IP and licencing revenue for fiscal 2020, expecting US$40-million to US$45-million as a quarterly baseline.
The company said it would be reconfiguring how it segments revenue going forward, reporting Cylance as its own revenue stream, headed by its founder Stuart McClure; Mr. Chen said he expects to see 25 to 30 per cent revenue growth from that division next year. Mr. Capelli, meanwhile, will oversee the company’s licencing and IP line.
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