BlackBerry Explodes on Quarterly Beat

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Shares of BlackBerry soared to a nearly 2017 high after the company beat in its latest quarterly report.

Trading on Wednesday was one of the best trading days for the company after it released its earnings that revealed an unexpected adjusted net profit and revenue coming in higher than expected by analysts.

The company reported a loss of 52 cents per share. Earnings after being adjusted were 3 cents a share. Analysts had been only waiting for a penny a share. Revenue came in at $226 million.

The company has been working with chip makers and parts suppliers to the automotive industry. According to Executive Chairman John Chen, BlackBerry is good progress in the arena.

He said on Wednesday, “They have engaged us to provide them a BlackBerry operating system for the car that is high on safety and security.”

According to the chairman, compared to an airplane, a car has more lines of code and the company is embedding its technologies into a vehicles most basic system.

Shares of BlackBerry have been up almost 60% this year.

Disclaimer: We have no position in BlackBerry Ltd (NYSE: BB) and have not been compensated for this article.