Blackberry Rides Strong Cybersecurity, IoT Demand to Beat Q3 Revenue Estimates

BlackBerry expects automotive supply chain issues to ease in the fourth quarter.

Blackberry Rides Strong Cybersecurity, IoT Demand to Beat Q3 Revenue Estimates

BlackBerry posted third-quarter cybersecurity revenue of $128 million (roughly Rs. 970 crore)

Highlights
  • US shares of the company fell 1.2 percent to $9.14 (roughly Rs. 690)
  • Revenue fell to $184 million (roughly Rs. 1,390 crore) for the quarter
  • Excluding items, BlackBerry broke even on a per-share basis
Advertisement

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


What are the best phones of 2021? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: BlackBerry
Realme GT 2 Series Launch Date Is January 4, Reconfirmed to Come With Snapdragon 8 Gen 1 SoC
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News
 
 

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »