{"id":24910,"date":"2022-12-21T01:37:42","date_gmt":"2022-12-21T01:37:42","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/21\/despite-earnings-beat-blackberry-shares-drop-slightly-in-late-trading\/"},"modified":"2022-12-21T01:37:42","modified_gmt":"2022-12-21T01:37:42","slug":"despite-earnings-beat-blackberry-shares-drop-slightly-in-late-trading","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/12\/21\/despite-earnings-beat-blackberry-shares-drop-slightly-in-late-trading\/","title":{"rendered":"Despite earnings beat, BlackBerry shares drop slightly in late trading"},"content":{"rendered":"

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Shares in BlackBerry Ltd. dropped slightly in after-hours trading today despite the company beating analyst\u2019 expectations for its latest quarterly earnings.<\/p>\n

For the third quarter that ended Nov. 30, BlackBerry reported a net loss of $4 million, or a penny per share, on revenue of $169 million, down from a net profit of $74 million, or 13 cents a share, and $184 million in revenue in the same quarter of last year. Analysts were expecting<\/a> a loss of eight cents per share on revenue of $164 million.<\/p>\n

Internet of Things revenue came in at $51 million, up 19% year-over-year, with a gross margin of 80%. Cybersecurity revenue was $106 million, with billings of $103 million. Software services totaled $157 million, and licensing and other revenue came to $12 million.<\/p>\n

BlackBerry reported a net loss of $2 million and an adjusted loss of $28 million. Total cash, cash equivalents and investments sat at $505 million as of the end of the quarter.<\/p>\n

Highlights in the quarter included BlackBerry making its QNX operating system available on Amazon Web Services Inc. The support<\/a> allows automakers to run QNX on Amazon EC2 cloud instances to develop and test new vehicle software.<\/p>\n

BlackBerry was selected by Dayin Technologies Co. Ltd. to develop acoustic solutions for Great Wall Motor\u2019s next-generation vehicles. Human Horizons Technology Co. Ltd. also picked QNX to power its autonomous driving controller and digital cockpit in its HiPhiZ vehicle.<\/p>\n

On the cybersecurity side, BlackBerry launched Cyber Threat Intelligence, a service that helps customers prevent, detect and effectively respond to cyberattacks. The company also strengthened its cybersecurity services with improved threat identification, remediation capabilities and endpoint support.<\/p>\n

\u201cOur IoT business has strong momentum and delivered a record quarter for design-phase revenue, driven largely by design wins in core safety-critical auto and general embedded domains,\u201d John Chen, executive chairman and chief executive officer of BlackBerry, said in a statement<\/a>.\u00a0\u201cIt was also a strong quarter for product development, including a significant announcement with AWS for QNX to be made available in the cloud.\u201d<\/p>\n

BlackBerry did not disclose its outlook in its general release and planned to do so in an investor call. Notes from the investor call were not immediately available.<\/p>\n

Despite the beats on revenue and earnings, shares in BlackBerry were down about 1% in late trading.<\/p>\n

Photo:\u00a0BlackBerry<\/h5>\n
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