BlackBerry shares soar 5% after reporting Q2 2017 earnings and the end of hardware manufacturing99+
BlackBerry also reported its fiscal second quarter 2017 earnings and you can see why it is dropping hardware manufacturing. GAAP software and services revenue reached $334 million for the three month period, rising a strong 89% year-over-year. Non-GAAP revenue for the pair hit $352 million, a year-over-year gain of 111%. 81% of this revenue is recurring, and the company reported 3,000 enterprise customer wins for the three month period ended August 31st.
Hardware reported an $8 million operating loss for the quarter. Overall, Non-GAAP operating earnings came to $16 million resulting in a breakeven earnings per share figure. GAAP operating income showed a loss of $355 million. As usual, BlackBerry has a large amount of cash, cash equivalents, short-term and long-term investments ($2.5 billion) socked away on the balance sheet as of the end of the quarter.
BlackBerry has revised upward its full fiscal year non-GAAP EPS estimate. Previously, the company was forecasting a loss of 15 cents a share. It now expects to report in a range of breakeven to a loss of five cents a share for fiscal 2017.