BlackBerry shares fell nearly 4% in premarket trading.
BlackBerry Ltd. on Tuesday posted better-than-expected revenue even as sales fell from a year earlier, when the pandemic and work-from-home trends gave some of the software provider's businesses a boost.
The Canada-based security software provider reported a net profit of $74 million in the fiscal third quarter, compared with a loss of $130 million the same period a year earlier. The results included a $110 million fair value positive adjustment on debentures.
On an adjusted basis, the company reported breakeven earnings per share, compared with an expected loss of 7 cents a share, according to analysts polled by FactSet.
The company, which is no longer associated with BlackBerry-branded phones, posted revenue of $184 million, down from $218 million a year earlier. Analysts surveyed by FactSet expected sales of $173.6 million.
Earlier this year, BlackBerry stock was included in the so-called meme basket targeted by retail traders who sent shares soaring. In January, the stock touched as high as $28.77 a share but it has since been cut to about a third that price. Shares have still outpaced the broader market, closing Tuesday up almost 40% since Jan. 1.