BlackBerry Limited ( BB ) stock is trading higher Wednesday after the company reported better-than-expected first-quarter financial results.

What To Know: BlackBerry reported first-quarter adjusted earnings per share of 2 cents, beating the consensus estimate for breakeven earnings. In addition, BlackBerry reported sales of $121.7 million, beating the consensus estimate of $112.18 million, according to Benzinga Pro.

Broken down by segment, the company reported that QNX revenue came in at $57.5 million, up 8% year-over-year, and Secure Communications revenue came in at $59.5 million.

Blackberry ended the quarter with $381.9 million in cash, cash equivalents and short-term and long-term investments, down $28.4 million sequentially. The company said it repurchased 2.57 million shares throughout the quarter.

Q2 Outlook: BlackBerry expects earnings per share of breakeven to one cent, versus the consensus estimate of one cent. Furthermore, the company sees sales from $115 million to $125 million, versus the consensus estimate of $122.35 million.

FY26 Outlook: Blackberry anticipates adjusted earnings per share of eight cents to 10 cents, versus the consensus estimate of 10 cents. Additionally, the company now expects sales from $508 million to $538 million, versus the consensus estimate of $513.51 million. The company previously expected sales of $504 million to $534 million.

Analysts Changes: Following the earnings report, multiple analysts issued price target adjustments.

Baird analyst Luke Junk maintained a Neutral rating on BlackBerry and raised the price target from $4 to $5.

Canaccord Genuity analyst Kingsley Crane maintained a Hold rating on BlackBerry and raised the price target from $4.25 to $4.60.

RBC Capital analyst Paul Treiber maintained a Sector Perform rating on BlackBerry and raised the price target from $3.75 to $4.

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BB Price Action: At the time of writing, Blackberry stock was up 16.2% at $5.02, according to data from Benzinga Pro.

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