BlackBerry (BB) Beats Expectations for Q1

BlackBerry Ltd (NYSE:BB), founded in 1984, specializes in enterprise software, Internet of things, and wireless communications solutions. The company, once famous for its smartphones, transformed itself over the years to become a leading player in the software space, with a special focus on cybersecurity solutions.

The Canadian company recently reported a narrower-than-expected quarterly loss amid solid demand for its cybersecurity products. Moreover, the demand for its QNX software also remained high as an increasing number of automakers equipped their electric cars with the operating system.

BlackBerry posted a loss of 11 cents per share for the three months ended May 31, significantly lower than a loss of $1.14 per share in the year-ago quarter. Its adjusted loss also decreased to 5 cents per share, compared to a loss of 6 cents per share projection by analysts.

Revenue for the quarter slipped to $174 million, versus $206 million in the comparable period of 2020. Analysts, on average, were expecting BlackBerry to report revenue of $172 million. Cybersecurity revenue came in at $107 million, while IoT revenue stood at $43 million.

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Speaking on the results, CEO John Chen said, “This quarter we aligned the business around the two key market opportunities – IoT and Cyber Security.  In IoT we are pleased with the strong progress of the auto business, despite global chip shortage headwinds.  Design activity remains strong, the number of vehicles with QNX software embedded has increased to 195 million, and royalty revenue backlog grew by 9% year-over-year.  Tangible progress continues to be made with BlackBerry IVY, including the launch of the IVY Advisory Council and the first investment by the IVY Innovation Fund.”

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