Canada Based Blackberry Ltd is Back in the Game; Revenue Increase By 11.8%

Better days might be in the future for the Canadian tech business, thanks to the new smartphone increasing revenue and share price has been witnessed

In the latest quarter, the Canadian technology corporation, Blackberry Ltd reported an increase of 12% in its revenue all thanks to the new Blackberry Priv. According to the chief executive officer of the tech corporation, John Chen the results for the new smartphone have been quite positive. He did not give any specifications.

In the last two years, this has been the first time that the Canadian mobile technology business has reported two consecutive quarters with increasing revenue. In the last three months, which ended on November 28, 2105, the technology corporation reported an increase of 11.8% in revenue from the quarter previous it. According to the financials that were reported by the company on Friday, it is quite evident that it managed to cross all the expectations of the analysts and people.

However it is still too early to declare a full on comeback for the tech company in the smartphone market but BBRY was cheered on the basis of its software as well as hardware. Canada based business that has been declared dead many a times has been performing fairly well in the market lately.

At the trading session on Friday, Blackberry stock was called off at a share price which indicated an increase of 10% at $8.61 per share. For the same period of the current year, the net loss of $89 million was reported by the tech business. This net loss was also a first and showed improvement from its previous net loss of $148 million in the same quarter of the previous year.

Investors are very optimistic towards Blackberry Ltd as they can see that it is working on becoming more than just a software company and is also working on its security conscious reputation. It was also reported by the tech business that it managed to make revenue of $162 million from its software and services. This revenue amount indicated an increase of as much as 183% in comparison to the same quarter of the previous year.

Even though the CEO of Blackberry stated that if the Priv doesn’t do too well in the market, there’s a possibility that it will leave the smartphone market but since its release, the first android based phone by blackberry has been doing fairly well. This smartphone is mainly aimed at customers who have privacy on top of their list when purchasing a phone. The CEO stated in an interview with CNBC that the director of the BBRY's software business is really good and that it entirely wants to work on its software business now.