BlackBerry's stock soared 18.72% during intraday trading on Thursday, driven by the company's better-than-expected fiscal first-quarter results and an upward revision to its annual revenue forecast.

The software company reported Q1 FY27 revenue of $152.9 million, a 26% increase year-over-year and significantly above market expectations. The growth was led by its QNX division, which provides secure operating systems for embedded systems in automotive and other sectors, with revenue surging 26% to $72.3 million. The secure communications division also posted a 24% rise in revenue.

BlackBerry raised its full-year 2027 revenue guidance to a range of $594 million to $621 million, up from its previous forecast of $584 million to $611 million. The company cited continued momentum in its QNX business, which has a backlog of nearly $1 billion in future royalties, and expanding opportunities in artificial intelligence. Analyst optimism, including a recent Buy rating initiation from Stifel, also contributed to positive sentiment.