financetom
Business
financetom
/
Business
/
BlackBerry beats estimate for Q1 revenue on strong demand for cybersecurity services
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
BlackBerry beats estimate for Q1 revenue on strong demand for cybersecurity services
Jun 26, 2024 4:51 PM

(Reuters) - Canada's BlackBerry beat first-quarter revenue estimates on Wednesday, driven by a resilient demand for cybersecurity services in the wake of growing online threats.

U.S.-listed shares of the company, which provides cybersecurity and data protection services to enterprises and governments, rose 7.2% after the bell.

Over the past few months, companies such as the car industry technology provider CDK, UnitedHealth Group's ( UNH ) Change Healthcare unit and Live Nation Entertainment's ( LYV ) Ticketmaster unit faced large-scale data breaches.

Despite the wider slowdown in tech-spending, high-profile hacks are forcing companies and government agencies to amp up their cybersecurity spending to safeguard their data against hackers and malware, boosting demand for cybersecurity firms such as BlackBerry.

The Waterloo-based company's quarterly revenue stood at $144 million, beating analysts' average estimate of $134.1 million, according to LSEG data.

The company reported an adjusted net loss of 3 cents per share for the quarter ended May 31, compared with analysts' average estimate of a loss of 4 cents.

BlackBerry expects second-quarter revenue in the range of $136 million to $144 million, whose mid-point is below analysts' estimate of $142.4 million.

In its cybersecurity unit, which provides intelligent security software to enterprises and governments, the company expects second-quarter revenue to be between $82 million and $86 million.

It reiterated its full-year 2025 revenue and profit forecast.

Separately, BlackBerry teamed up with Advanced Micro Devices in April to develop a robotic system for the industrial and healthcare sectors.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Cathie Wood's ARK Invest scoops up nearly 10,000 Reddit shares in debut
Mar 22, 2024
(Reuters) - Popular investor Cathie Wood's ARK Invest bought nearly 10,000 shares of Reddit ( RDDT ) in the social media platform's strong market debut on Thursday, an email from the asset manager showed. A total of 9,982 shares of the loss-making company was added to ARK Next Generation Internet ETF ( ARKW ) and ARK Fintech Innovation ETF (...
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Hutchmed Begins Registration Stage for Phase 2/3 Trial of Investigational Autoimmune Disorder Drug
Mar 22, 2024
05:04 AM EDT, 03/22/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it has started the registration stage for a phase 2/3 clinical trial of investigational drug sovleplenib for adult patients with warm antibody autoimmune hemolytic anemia in China. The move follows positive data from the proof-of-concept phase 2 stage of the trial and a consultation with the...
Once a beacon of stability, Vietnam to name third president in a year
Once a beacon of stability, Vietnam to name third president in a year
Mar 22, 2024
HANOI, March 22 (Reuters) - Communist-ruled Vietnam is seeking its third president in little more than a year after the resignation of Vo Van Thuong, who was only elected last year after the sudden dismissal of his predecessor. With accumulated foreign direct investment higher than its gross domestic product, Vietnam's stability is crucial to multinationals with large operations in the...
Japan's union group Rengo announces biggest wage hikes on record
Japan's union group Rengo announces biggest wage hikes on record
Mar 22, 2024
TOKYO (Reuters) -Japanese firms have agreed to raise pay by 5.25% this year, the biggest rise under comparable data since 2013, the country's largest union group Rengo confirmed on Friday. The results of the closely-watched wage negotiations are announced in several stages, in which the blue-chip firms are first to wrap up their talks in mid-March. The second announcement on...
Copyright 2023-2026 - www.financetom.com All Rights Reserved