Earnings Results: BlackBerry’s third quarter tops Wall Street’s earnings expectations

by | Dec 20, 2022 | Stock Market

Cybersecurity and Internet-of-Things company BlackBerry Ltd. late Tuesday reported quarterly results that topped Wall Street expectations, although shares did little in after-hours trading. BlackBerry
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+0.97%
reported a third-quarter loss of $4 million, or a loss of 9 cents a share on a diluted basis, versus net income of $74 million, or a loss of 5 cents a share on a diluted basis, in the year-ago period. The adjusted loss, which excluded stock-based compensation expenses and other items, was 5 cents a share basic, as the company did not provide a diluted per-share figure.

Revenue declined to $169 million from $184 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 8 cents a share on revenue of $164 million. “Our 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,” said John Chen, BlackBerry’s chief executive and chairman, in a statement. “It was also a strong quarter for product development, including a significant announcement with [Amazon Web Services] for QNX to be made available in the cloud.” Shares declined less than 1% after hours, following a 1% gain in the regular session to close at $4.15.

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