BlackBerry revenue beats estimates as cybersecurity demand stays strong

The full version of the article, along with thousands like it, can be found here: BlackBerry revenue beats estimates as cybersecurity demand stays strong

Blackberry

BlackBerry Ltd has beaten Wall Street estimates for third-quarter revenue, helped by sustained demand for its cybersecurity and IoT products.

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

BlackBerry posted third-quarter cybersecurity revenue of $128 million and forecast that to be between $125 million and $135 million in the fourth quarter, below an estimate of $143 million by one analyst, according to Refinitiv data.

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

CEO 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 Company.

BlackBerry reported 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 per-share basis, beating analysts' average estimate of a loss of 7 cents per share.

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

The team at Platform Executive hope you have enjoyed the '[post_title]' article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Katanga Johnson in Washington. Editing by Akash Sriram in Bengaluru. Editing by Ramakrishnan M.

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