Surprise Profits and Upgraded Outlook Lift BlackBerry Shares

Shares of BlackBerry Ltd. soared 3.11% in premarket trade on Tuesday after the Canadian software and device company reported its fiscal third-quarter earnings that came in better-than-expected.

BlackBerry narrowed its net loss to $117 million or 22 cents a share in the three-month period to November 30, from $372 million, or 71 cents a share, in the same period a year ago.

Adjusted to exclude items, the software and mobile security company posted a surprise profit for the quarter, earning 2 cents a share. Analysts had forecast a loss of one cent a share while the adjusted loss last year was three cents a share.

BlackBerry now expects to reach an adjusted per-share profit for the full current fiscal year. This is an positive update from the prior outlook that projects a range of breaking even to a loss of five cents a share.

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