BlackBerry beats revenue forecasts over cybersecurity and IoT outburst
Author : Pankaj Singh | Published Date : 2021-12-23
Canada’s BlackBerry Ltd. has reportedly managed to surpass Wall Street estimations for the third-quarter revenue following strong demand for its cybersecurity and Internet of Things services.
Notably, there has been a robust demand for cybersecurity software across the globe, with more businesses and government organizations shifting to cloud-based solutions to support remote work during the COVID-19 pandemic.
BlackBerry reported a third-quarter cybersecurity revenue of USD 128 million and expects the number to be between USD 125 million and USD 135 million during the fourth quarter, slightly below the estimated USD 143 million.
U.S. shares of the company dropped by 1.2% to USD 9.14 in extended trading. However, CEO John Chen stated that BlackBerry anticipates easing of automotive supply chain issues in the fourth quarter which should help bolster the requirement for its QNX car software, which is widely used by automakers such as BMW, Volkswagen, and Ford Motor.
The Canadian cybersecurity company recorded a net profit of over USD 74 million in the third quarter, as compared to a loss of USD 130 million in the previous year. Besides this, the company also broke on a per-share basis, beating the average estimate of analysts of a loss of 7 cents per share.
While BlackBerry’s revenue fell to USD 184 million for the quarter that ended on Nov. 30, from USD 218 million a year earlier, but managed to surpass analysts' average forecasts of USD 177.25 million.
Meanwhile, the company recently announced a major update to its BlackBerry Guard MDR (managed detection and response) service which was achieved through an alliance with Exabeam.
The new solution can now offer an extended detection and response service for governments and enterprises looking to better defend against the growing threat landscape.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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