BlackBerry‘s (NYSE: BB) stock recently rallied after its second-quarter results beat Wall Street’s expectations. The software and services company’s revenue rose 6% year-over-year to $259 million. On an adjusted basis, which includes deferred revenue, its revenue rose 2% to $266 million, beating estimates by $26 million.
Its net loss narrowed from $44 million to $23 million. On a non-GAAP basis, which excludes stock-based compensation and other one-time expenses, its net income jumped from $1 million to $62 million, or $0.11 per share — which surpassed expectations by nine cents.
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BlackBerry’s headline numbers marked a strong rebound from the first quarter, which had broken its five-quarter streak ofÂ adjusted revenue growth with a 20% decline. Its growth was supported by stay-at-home trends and a recovery in the automotive market, which was broadly impacted by the COVID-19 crisis.
Its software and services business is still declining