Former mobile hardware turned mobile enterprise software company BlackBerry (BB - Get Report) posted adjusted net income a tick above analysts' forecasts as the company continues to transition its offerings to software and services for businesses.
For its fiscal first quarter, the Canadian company posted a GAAP loss of $35 million, or 9 cents a share, vs. a loss of $60 million, or 11 cents a share, in the comparable year-earlier period. On an adjusted basis, the company said it earned $5 million, or 1 cent a share, a shade above analysts' estimates of breakeven per share.
"We are off to a good start to achieve our financial outlook for fiscal 2020," CEO John Chen said in a statement. "Customers are looking forward to our robust product cycle this year, with over 30 new secure communication products and services to be released."
The stock was down 5.61% to $7.83 in early trading.
BlackBerry in recent years has been slowly transitioning away from its bread-and-butter mobile hardware to so-called software enterprise solutions - secure ways for people and companies to communicate and share data wirelessly.
It has also made inroads in offering software platforms for the automotive industry - apps that play music, provide directions and other conveniences.