BUZZ-BlackBerry Ltd: Shares up on smaller-than-expected Q2 loss

Fri Sep 26, 2014 11:09am EDT
 
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(Updates)

** Smartphone maker's Toronto-listed shares up 7 pct at C$11.65 and Nasdaq-listed stock up 7 pct at $10.49

** Stock the most heavily traded on the Nasdaq with almost 34 million shares changing hands by 11:05 a.m. ET, almost three times its 50-day moving average

** Q2 adjusted loss of 2 cents per share, much smaller than average analyst estimate of 16 cents, beating estimates for the third straight quarter

** Revenue falls more than 40 pct to $916 million, more than expected and the lowest in seven years, sparking concern that pushed the shares down premarket

** Still BlackBerry's Nasdaq price-to-sales ratio is 1.5, slightly higher than the median of 1.4 for the sector which includes Apple and Google

** "Broadly speaking, they're doing the right things ... but that revenue number is getting real small," BGC Partners analyst Colin Gillis says

** Up to Thursday's close, the stock had risen a little over 30 pct this year, outperforming all its smartphone rivals