BlackBerry (NYSE:BB) shares gained more than 14% intra-day today after the company reported its Q4 results, with EPS of ($0.02) coming in better than the Street estimate of ($0.08). Revenue was $151 million, compared to the Street estimate of $163.52 million.

The company’s outlook implies 2024 total revenue in the range of $685-$720 million (up 7% year-over-year at the midpoint), above the Street estimate of $692 million. The upside stems primarily from residual IP licensing revenue and stronger IoT revenue.

However, according to RBC Capital analysts, the market will discount 2024 guidance pending a turnaround in billings and other key metrics, given the company’s challenges over the last several years.