Waterloo’s Blackberry beats quarterly revenue expectations on cybersecurity boost

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Waterloo’s Blackberry beats quarterly revenue expectations on cybersecurity boost

Blackberry Ltd., the once-hailed smartphone manufacturer turned into a cybersecurity company specialized in critical event management, endpoint protection alongside securing Internet of Things by AI, had topped Wall St. estimates for fiscal Q2 revenues that ended on August 31, as demands of the Waterloo, Canada-headquartered software company’s cybersecurity and IoT products had spurred up.

Blackberry Ltd.’s shares’ prices had jumped as much as 9.94 per cent in post-market trading to $10.43 apiece after wrapping up the day 2.03 per cent higher at $9.56 apiece. Nevertheless, Blackberry shares, widely contemplated as meme stocks following a retail trading frenzy earlier this year, had been up by 40 per cent thus far this year.

In point of fact, latest upbeat quarterly earnings’ report from Blackberry Ltd comes over the heels of a sharp shoot-up in demands of cybersecurity and IoT products as more Government and business organizations had been jumping on the bandwagon of cloud-based operations aimed at backing up a hybrid working atmosphere.

Blackberry tops analysts’ estimate for fiscal Q2 revenues

According to Blackberry quarterly earnings’ report for the latest quarter, the Canadian software company’s revenue dipped to $175 million over the quarter that ended on August 31 compared to a $259 million a year earlier, however, had beaten an analysts’ estimate of $163.5 million, IBES data from Refinitiv had unveiled.

Apart from that, the 37-year old company’s net loss stretched to $144 million or 25 cents per share from a $23 million or 4 cents per share logged at the same time a year earlier, however, investors appeared to have cashed in on remarks from Blackberry executives that a non-cash accounting adjustment due to market and trading condition had led to a roughly 12 cents in losses per share.

Excluding items, in tandem, the Canadian software company had reported a loss of 6 cents per share, surpassing Wall Street estimate of a loss of 7 cents per share on an average.