BlackBerry (BB) - Get Report shares closed up 13.63% to $10.09 Friday after the former mobile hardware company credited a jump in licensing revenue for strong top- and bottom-line fourth-quarter beats.
The company's licensing and intellectual property revenue, which includes revenue from licensing existing patents to other companies, jumped 71% to $99 million. Overall revenue rose to $255 million, and earnings were 11 cents per share.
Analysts were expecting revenue of $241.1 million and earnings of 6 cents per share.
"We delivered on all of our fiscal 2019 financial commitments and created a solid foundation for continued profitable revenue growth in fiscal 2020," said John Chen, executive chairman and CEO, BlackBerry.
The company's handheld device segment, which used to be its bread and butter, recorded no revenue during the quarter after accounting for $2 million in revenue a year ago.
The shift to software has benefited BlackBerry's stock price in recent months. Shares are up 24% year to date.
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