Tuesday, May 24, 2022

Blackberry Rides Strong Cybersecurity Demand to Beat Revenue Estimates

BlackBerry beat Wall Street estimates for third-quarter revenue on Tuesday, helped by sustained demand for its cybersecurity and Internet of Things products.

Demand for cybersecurity software has been robust as more businesses and government organisations migrate to cloud-based solutions to support remote work during the COVID-19 pandemic.

BlackBerry posted third-quarter cybersecurity revenue of $128 million (roughly Rs. 970 crore) and forecast that to be between $125 million (roughly Rs. 945 crore) and $135 million (roughly Rs. 1,020 crore) in the fourth quarter, below an estimate of $143 million (roughly Rs. 1,080 crore) by one analyst, according to Refinitiv data.

US shares of the company fell 1.2 percent to $9.14 (roughly Rs. 690) in extended trading.

Chief Executive Officer John Chen said on a conference call that BlackBerry expects automotive supply chain issues to ease in the fourth quarter and help boost demand for its QNX car software, used by automakers including Volkswagen, BMW, and Ford Motor.

BlackBerry reported a net profit of $74 million (roughly Rs. 560 crore) in the third quarter, compared with a loss of $130 million (roughly Rs. 980 crore) a year earlier.

Excluding items, the company broke even on a per-share basis, beating analysts’ average estimate of a loss of 7 cents (roughly Rs. 6) per share.

Revenue fell to $184 million (roughly Rs. 1,390 crore) for the quarter ended November 30, from $218 million (roughly Rs. 1,650 crore) a year earlier, but beat analysts’ average expectation of $177.25 million (roughly Rs. 1,340 crore), according to IBES data from Refinitiv.

© Thomson Reuters 2021

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