BlackBerry Beats Quarterly Revenue Estimates on Strong Cybersecurity Demand

By Reuters
Reuters
Reuters
December 22, 2021 Updated: December 22, 2021

Canadian software giant BlackBerry Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, helped by strong demand for its cybersecurity services due to the pandemic-led shift to remote working.

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

The rise of electric-vehicle and connected-car technologies have also aided sales of BlackBerry’s QNX software, used by automakers including Volkswagen, BMW and Ford Motor.

BlackBerry reported a net profit of $74 million in the third quarter, compared with a loss of $130 million a year earlier.

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.

By Akash Sriram

Reuters