BlackBerry Limited (NYSE:BB) on Thursday reported upbeat first-quarter earnings.

BlackBerry reported adjusted earnings per share of 4 cents, beating the consensus estimate of 3 cents. In addition, it reported revenue of $152.90 million, beating the consensus estimate of $138.18 million and representing a 26% year-over-year increase.

"The foundation of the business is stronger than it has been in years, and we continue to focus on disciplined execution and creating long-term value for our shareholders," said John Giamatteo, CEO.

BlackBerry expects second-quarter adjusted earnings per share of between 3 cents and 4 cents, versus the consensus estimate of 4 cents. Furthermore, it anticipates revenue of $137.00 million to $148.00 million, versus the consensus estimate of $139.53 million.

The company also raised its fiscal-year adjusted earnings per share guidance from between 15 cents and 19 cents to between 16 cents and 20 cents, versus the consensus estimate of 17 cents. BlackBerry raised its revenue guidance as well from between $584.00 million and $611.00 million to between $594.00 million and $621.00 million, versus the consensus estimate of $601.88 million.

BlackBerry shares rose 6.9% to trade at $11.06 on Friday.

These analysts made changes to their price targets on BlackBerry following earnings announcement.

  • Canaccord Genuity analyst Michael Walkley maintained the stock with a Hold and raised the price target from $8.2 to $10.3.
  • CIBC analyst Todd Coupland maintained BlackBerry with an Outperformer rating and raised the price target from $10 to $13.

Considering buying BB stock? Here’s what analysts think:

Photo via Shutterstock