Business

BlackBerry revenue beats estimates as cybersecurity demand remains strong

FILE PHOTO: The Blackberry logo is seen on a smartphone in front of a stock chart shown in this illustration
FILE PHOTO: The Blackberry logo is seen on a smartphone in front of a stock chart shown in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

December 22, 2021

(Reuters) -BlackBerry Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, helped by steady demand for cybersecurity and Internet of Things products.

Demand for cybersecurity software is growing stronger as more businesses and government organizations turn to cloud-based solutions to support remote work during the COVID-19 pandemic.

BlackBerry posted third-quarter cybersecurity revenue of $128 million and is forecast to reach $125 million to $135 million in the fourth quarter, below one analyst’s estimate of $143 million, according to data from BlackBerry. Refinitiv.

Shares of the company in the US fell 1.2% to $9.14 in extended trading.

CEO John Chen said in a conference call that BlackBerry expects problems in the automotive supply chain 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 posted a net profit of $74 million in the third quarter, compared with a loss of $130 million a year earlier.

Excluding items, the company broke even on a share basis, beating the average analyst estimate for a loss of 7 cents per share.

Revenue fell to $184 million for the quarter ended November 30, from $218 million a year earlier, but beat analysts’ average expectations of $177.25 million, according to data. IBES from Refinitiv.

(Reporting by Akash Sriram in Bengaluru; Editing by Ramakrishnan M.)

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Bobby Allyn

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