FILE PHOTO: The Blackberry logo is seen on a smartphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

December 21, 2021

(Reuters) -Canadian software giant BlackBerry Ltd beat Wall Street estimates for third-quarter revenue on Tuesday, helped by strong demand for its cybersecurity services due to the pandemic-led shift to remote working.

Demand for cybersecurity software has been robust as more businesses migrate to cloud-based solutions to support remote work during the COVID-19 pandemic.

The rise of electric-vehicle and connected-car technologies have also aided sales of BlackBerry’s QNX software, used by automakers including Volkswagen, BMW and Ford Motor.

BlackBerry reported a net profit of $74 million in the third quarter, compared with a loss of $130 million a year earlier.

Revenue fell to $184 million for the quarter ended Nov. 30, from $218 million a year earlier, but beat analysts’ average expectation of $177.25 million, according to IBES data from Refinitiv.

(Reporting by Akash Sriram in Bengaluru; Editing by Ramakrishnan M.)


Source: One America News Network

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