BlackBerry posted a surprise profit for the first quarter on Wednesday as its cybersecurity business benefited from higher client spending, while its enterprise software continued to gain traction in automotive sector.
US-listed shares of the company rose 5.79 percent in
extended trading.
The Canadian technology company is banking on resilient
demand for its cybersecurity products on rising security threats in the
information technology sector.
BlackBerry reported a surprise profit of 6 cents per share
for the quarter ended May 31, while analysts were expecting a loss of 5 cents
per share.
Its total revenue of $373 million topped analysts' average
estimate of $160.4 million, according to IBES data from Refinitiv.
Revenue in the cybersecurity business unit rose 5.5 percent
sequentially to $93 million, while revenue from licensing and other services
came in at $235 million, majorly comprising of proceeds from patent sale.
BlackBerry, which went public in 1997 and soon became
popular for its ubiquitous business smartphones, shut its flagship business
last year and has since been trying to sell its legacy patents related to its
mobile devices.
In March, it signed a deal to sell patents, primarily
related to its mobile devices, to Malikie Innovation Limited for up to $900
million.
Waterloo, Canada-based BlackBerry earlier had announced its
plans to conduct a review of strategic alternatives, including possible
separation of its core businesses — cybersecurity and software systems. ©
Reuters
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