BlackBerry shares soar by 12% as software sales hit record

The transformation of BlackBerry from a bombed-out, loss-making smartphone maker to a new-look software firm appears to be working: the Canadian business has reported better-than-expected quarterly profits, boosting its shares by more than 12%. The company, which was famous for its tiny keyboard phones and in 2010 had more than a third of the US smartphone market, was almost driven to extinction by the iPhone. By 2016 it had less than 1% of the US market. Thousands of workers were laid off as losses mounted and the business eventually gave up making phone handsets and decided to reinvent itself as a software and services specialist selling to large corporations. In its profits update on Thursday the company said sales at its high-margin software unit had hit a record and the outlook for the rest of the year was robust, boosting investor confidence in its turnaround strategy.