Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

BlackBerry takes a knock as cybersecurity revenue drop clouds automotive demand

Stock Markets Sep 27, 2022 07:06PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The Blackberry logo is seen on a smarphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration/Files
 
GM
+0.45%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
F
+0.38%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BB
+1.72%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TM
+0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Reuters) -Canada's BlackBerry (NYSE:BB) Ltd on Tuesday reported a fall in cybersecurity revenue for the second quarter, as customers reined in spending due to an uncertain macroeconomic environment, sending its shares down about 3% in extended trading.

The company has also been facing tough competition from Microsoft Corp (NASDAQ:MSFT), Citrix Systems (NASDAQ:CTXS) and International Business Machines (NYSE:IBM) in the security software segment, with revenue in the unit falling 7.5% to $111 million from a year ago.

The company said in an earnings call that cybersecurity segment revenue in the third quarter is expected to be flat year-on-year.

However, revenue at the company's Internet of things (IoT) unit, which includes the QNX software for automotive customers, rose about 28% to $51 million as it signed up more customers.

BlackBerry's QNX software is now embedded in over 215 million vehicles worldwide, helped by surging demand for electric vehicles and connected-car technologies.The company recently added global carmakers such as Ford Motor (NYSE:F), General Motors (NYSE:GM), Hyundai Motor, to its already strong client list of BMW, Honda Motor , Mercedes-Benz and Toyota Motor (NYSE:TM).

BlackBerry in June said that a deal to sell its patents primarily related to mobile devices, messaging and wireless networking for $600 million to a special purpose vehicle has been delayed.

Total revenue fell 4% to $168 million for the quarter ended Aug. 31, compared with a consensus estimate of $166.7 million, according to IBES data from Refinitiv.

Excluding items, the company posted a loss of 5 cents per share, narrower than analysts' expectations of loss of 7 cents.

BlackBerry takes a knock as cybersecurity revenue drop clouds automotive demand
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email