NEW YORK (TheStreet) -- BlackBerry (BBRY) shares are up 5.22% to $9.68 in pre-market trading on Tuesday following the release of the company's first quarter earnings results and the announcement that it signed a deal with Cisco (CSCO).
BlackBerry reported net income of $68 million, or a loss of 5 cents per diluted share on revenue of $658 million.
Analysts on average were expecting the company to report a net loss of 4 cents per share on revenue of $684.5 million.
Revenues from the company's software business, where many analysts see the company being able to make strides as hardware sales continue to disappoint, more than doubled from the year ago period to $137 million.
Separately,the Canadian telecommunications company also reported that it has entered into a long term cross-licensing patent agreement with Cisco where it will receive licensing fees from its partner.
"Cross-licensing is an effective way for technology companies to assure freedom of operation and help remove concerns about patent litigation," said Dan Lang, VP of Intellectual Property for Cisco.
"This agreement recognizes Cisco's patent portfolio, one that is regularly rated among the strongest in the telecommunications and networking industry. We look forward to continuing to innovate to meet the needs of our respective customers," Lang said.
Specific terms of the deal were not disclosed today.
TheStreet Ratings team rates BLACKBERRY LTD as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation: