Microsoft beats on earnings and revenue

This message is brought to you by the mid-2000s: BlackBerry shares are surging in early trading.

But the once iconic smartphone maker finds itself back in the spotlight through software, not hardware.

The move follows renewed attention to its QNX software business after a Wall Street Journal report highlighted the unit’s growth, particularly in the automotive industry. This division accounts for roughly half of the company’s revenue, with the technology now embedded in roughly 275 million vehicles, powering features like driver assistance and infotainment.

BlackBerry reported its Q4 earnings in early April, with revenue of $156 million surpassing the top end of its guidance. That was fueled by stronger-than-expected sales across both its QNX and Secure Communications divisions. Shares then spiked later in the month after BlackBerry enhanced its partnership with Nvidia by integrating QNX with the chip designer’s robotics development platform.

The stock is up more than 50% year to date, making it one of the few stocks to go gangbusters thanks to its performance in software, an industry bedeviled by the competitive threat from AI.

Its recent hot run has come alongside more bullish activity in options markets. Less than half an hour into today’s session, more than 31,000 calls have already changed hands, roughly half of the full-day average over the past 20 days. The name also appears to be attracting retail attention, being one of the 15 most referenced tickers on the r/WallStreetBets subreddit over the past 12 hours, per SwaggyStocks.

Norwegian Cruise Line shares slid after the cruise operator cut its full-year outlook, overshadowing a first-quarter earnings beat.

The company lowered its guidance for full-year adjusted earnings per share to $1.45 to $1.79, down from its previous forecast of $2.38. It now sees adjusted EBITDA of $2.48 billion to $2.64 billion, below the company’s previous forecast of $2.95 billion and the $2.79 billion analysts were expecting.

The cut reflects a mix of macro and company-specific pressures. Higher fuel costs tied to the conflict in the Middle East are weighing on margins, while demand for European travel has softened and bookings remain below target level.

Norwegian said it entered 2026 “behind its targeted booking curve,” with geopolitical disruptions further slowing its ability to close that gap. The stock had already been under pressure, down more than 16% this year heading into the results.

On Monday morning before the open, the stock was down 6.7%.

The company’s first-quarter adjusted EPS came in at $0.23, topping estimates, but the beat was overshadowed by the guidance cut.

CEO John Chidsey said the company has already begun “taking decisive actions to strengthen execution and accountability,” including cost cutting and efficiency measures aimed at offsetting near-term pressures.

Shares of other cruise lines, including Carnival and Royal Caribbean, traded slightly lower after the report.

Separately, three people have died and at least three others are sick after a suspected outbreak of hantavirus aboard a cruise ship sailing in the Atlantic Ocean, the World Health Organization said Sunday. Though that ship isn’t operated by one of the large publicly traded cruise liners, the news poses a potential reputational risk for the industry.