BlackBerry Tops Bottom Line Estimates
BlackBerry also announced plans to open a $75 million facility to test autonomous vehicle technology
Shares of Canadian tech company BlackBerry (BBRY) rose Tuesday, one day after it announced it is switching some of its focus from cell phones to self-driving cars and after the release of its quarterly earnings results. The company topped analysts' bottom-line expectations while also raising its full-year forecast. BlackBerry reported quarterly earnings of 2 cents per share, ahead of analysts' expectation of a 1 cent loss. However, revenue for the period fell to $289 million from $548 million a year ago, missing the Wall Street consensus estimate of $331.9 million. The company announced it is investing $75 million in a new autonomous vehicle testing hub in Ottawa that the company expects to start bringing in revenue in 2018.
