BlackBerry revenue tops estimates on auto, cybersecurity tech demand

The Blackberry emblem is observed on a smarphone in entrance of a shown stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration

June 23 (Reuters) – Canada’s BlackBerry Ltd (BB.TO), topped Wall Street estimates for 1st-quarter profits on Thursday, powered by development in its automobile products and solutions and cybersecurity products and services segments.

Soaring demand for electrical vehicles and linked-auto technologies boosted sales of BlackBerry’s automobile software, employed in cars designed by Typical Motors (GM.N), Mercedes-Benz (MBGn.DE) and Toyota (7203.T), amongst some others.

BlackBerry mentioned that profits from its World wide web-of-Things segment that includes its vehicle items grew the quickest in the noted quarter at 19%, with a gross margin of 84%.

BlackBerry’s motor vehicle goods support ability a host of capabilities which includes innovative driver support programs, infotainment models and linked-vehicle systems that make it possible for autos to access the online.

Profits from the company’s cybersecurity segment, its major, rose 6% to $113 million as much more enterprises migrated to cloud platforms that guidance the pandemic-fueled development of distant perform.

Total earnings fell 3.4% to $168 million for the quarter ended May perhaps 31, but topped analysts’ regular estimate of $160.7 million, in accordance to IBES info from Refinitiv.

Web loss widened to $181 million, or 35 cents for each share, from $62 million, or 11 cents for each share, a calendar year previously.

Excluding items, BlackBerry claimed a decline of 5 cents per share, in line with analyst estimates.

Reporting by Akash Sriram in Bengaluru Modifying by Vinay Dwivedi

Our Specifications: The Thomson Reuters Trust Ideas.