Subscribe
Be the first with the news that moves the market- BlackBerry (TSX:BB) stock rose more than 7 per cent early Friday, despite reporting a US$11 million loss in its Q1 2024
- Revenue for the quarter totalled US$373 million, up 122 per cent from US$168 million last year
- Cybersecurity saw US$93 million in revenue, down from US$113 million a year earlier
- BlackBerry Ltd. opened trading at C$7.10 per share
BlackBerry (TSX:BB) stock rose more than 7 per cent early Friday, despite reporting a US$11 million loss in its Q1 2024.
The Waterloo, Ontario-based tech firm said its revenue for the quarter totalled US$373 million, up 122 per cent from US$168 million last year. This beats the company’s net loss of US$181 million from a year ago.
Cybersecurity saw US$93 million in revenue coming in, at a gross margin of 60 per cent and annual recurring revenue of US$289 million (down from US$113 million a year earlier). Cybersecurity billings were $122 million, increasing for the fourth consecutive quarter, with 14 per cent sequential and 37 per cent year-over-year growth.
In a news release on this performance, BlackBerry executive chairman and CEO John Chen explained that in Q1 the team delivered sequential revenue growth in its Cybersecurity business unit. Revenue growth was driven by a year-over-year increase in billings and pipeline.
“In our IoT business unit, we saw some temporary delays to the start of new programs as a number of customers review their plans to capitalize on the software-defined vehicle (SDV) trend, impacting revenue this quarter. However, we see no change to the strong secular trends that are a multi-year tailwind for QNX and BlackBerry IVY. We continue to expect to achieve revenue consensus for both our IoT and Cybersecurity business units this fiscal year,” Chen said.
IoT revenue was US$45 million and total cash, cash equivalents, short-term and long-term investments increased by US$91 million to US$578 million.
Licensing revenue grew to US$235 million from last year’s US$4 million, including US$218 million related to its patent sale to Malikie Innovations, a wholly owned subsidiary of Key Patent Innovations Ltd.
BlackBerry leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety, and data privacy.
BlackBerry Ltd. (BB) opened trading at C$7.10 per share and has risen 61 per cent since the year began.
Join the discussion: Find out what everybody’s saying about this stock on BlackBerry’s Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
