NEW YORK, Sept 23 — Canada’s BlackBerry Ltd beat Wall Street estimates for second-quarter revenue on Wednesday as hybrid working trends drove demand for its cybersecurity and Internet of Things software products.
US-listed shares of the company were up 7.6 per cent at US$10.31 in extended trading.
Firms such as BlackBerry are benefiting from an uptick in demand for cybersecurity and IoT products as more businesses and government organisations shift their operations to the cloud in order to support hybrid working.
As a result, the company was able to offset weakness from sluggish demand for its QNX software from automakers like Volkswagen, BMW and Ford Motor, as the auto industry struggled to keep up production amid a persistent chip shortage crisis.
Revenue fell to US$175 million (RM733.6 million) for the quarter ended Aug. 31, from US$259 million a year earlier. Analysts on average expected US$163.5 million in revenue, according to IBES data from Refinitiv.
Net loss widened to US$144 million, or 25 cents per share, from US$23 million or 4 cents per share, a year earlier. — Reuters
