Blackberry is sinking after turning a profit only because of its big arbitration win against Qualcomm
(BlackBerry Chief Executive John Chen uses a Passport smartphone following the official launch event in TorontoThomson Reuters)
Blackberry's stock price is dropping, even though the company turned a profit in the first quarter.
Shares were up 3.85% Thursday, before first quarter earnings were released, and lost that gain entirely in early trading on Friday, opening down 5.16%.
The company reported earnings of $0.02 per share, compared to an estimated zero, but revenue fell to $235 million from $400 million from the year before.
The company outsourced the manufacturing of Blackberry hardware in late 2016 in order to focus on software and services.
Thanks to a $940 million arbitration payment from Qualcomm, Blackberry recorded a profit of $671 million in the first quarter, compared to a loss of $670 in the last year.
Blackberry is up about 50% this year, not including Friday morning moves.
Click here to watch Blackberry's stock price live...
(Markets Insider)
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