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BlackBerry Ltd makes headway in its bid to boost sales in enterprise software

As device sales tumbled, BlackBerry Ltd. searched for other sources of revenue, planting a seed in the software business and nurturing the nascent unit with recent acquisitions.

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This work is beginning to grow.

In the third quarter, revenue attributed to software and services nearly tripled to US$162 million from the same period last year, lifted by the 2,713 enterprise customers it said it acquired. More of its software sales are recurring, which can be counted on in the future and will help stabilize volatility. It propelled BlackBerry to post better sales, earnings per share and a narrower loss than analysts expected.

Investors on both sides of the border cheered. Shares of BlackBerry rose 9.7 per cent in Toronto to $11.95 and jumped by almost 11 per cent to US$8.61 in New York, where trading volumes exploded. For the year, its shares are down six and 22 per cent, respectively.