BlackBerry Limited (NYSE: BB) reported better-than-expected earnings for the second quarter of 2020 but revenues fell short of estimates. The stock tumbled over 11% in premarket hours on Tuesday.

Total revenue of $244 million was up 16% from the same period last year but below forecasts of $265 million. On an adjusted basis, revenue grew 22% to $261 million.

BlackBerry beats earnings estimates for Q2 2020 but revenues fall short of expectations

On a GAAP basis, the company reported a net loss of $44 million compared to a net income of $43 million last year. GAAP loss per share was $0.10 compared to a loss of $0.04 per share in the year-ago quarter. Adjusted EPS was $0.00, better than the estimated loss of $0.01 per share.  

On a GAAP basis, Software and Services revenues grew 24% year-over-year to $239 million. Adjusted Software and Services revenues rose 30% to $256 million.

Also read: BlackBerry Q2 2020 Earnings Preview

During the quarter, IoT revenues fell 3% to $133 million versus the year-ago period. Revenues from BlackBerry Cylance totaled $35 million and Licensing revenues grew 27% to $71 million. On a geographic basis, revenues in North America grew 34% to $179 million while in EMEA and other regions, the company posted double-digit revenue declines.

For the full year of 2020, the company expects adjusted revenue growth to be 23-25%, driven by a double-digit percentage increase in billings year-over-year.

BlackBerry promoted Steve Rai from deputy CFO to CFO and named Steve Capelli as the new Chief Revenue Officer. Mr. Capelli will be in charge of business development activities. Both changes will take effect on October 1, 2019.

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