Auto and cybersecurity tech demand on blackberry revenue tops estimates

The BlackBerry logo is seen on the front of a smarphone in a stock stock graphic taken February 5, 2021. REUTERS / Dado Ruvic / Illustration

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June 23 (Reuters) – Canada’s BlackBerry Ltd (BB.TO) on Thursday posted a first-quarter earnings call for topped Wall Street estimates on its auto products and cybersecurity services segments.

BlackBerry’s auto software of electric vehicles and connected-car technologies boosted sales for soaring demand, used cars made by General Motors (GM.N), Mercedes-Benz (MBGn.DE) and Toyota (7203.T), among others.

BlackBerry said that revenue from its Internet-of-Things segment included its auto products growing at the fastest time in the reported quarter, with a gross margin of 84%.

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BlackBerry’s car products help power a host of functions including advanced driver assistance systems, infotainment units and connected-car technologies that allow autos to access the internet.

Revenue from the company’s cybersecurity segment, its largest, rose 6% to $ 113 million as more businesses migrated to cloud platforms to support the pandemic-fueled trend of remote work.

Overall revenue fell 3.4% to $ 168 million for the quarter ended May 31, but topped analysts’ average estimate of $ 160.7 million, according to IBES data from Refinitiv.

Net loss widened to $ 181 million, or 35 cents per share, from $ 62 million, or 11 cents per share, a year earlier.

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

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Reporting by Akash Sriram in Bengaluru; Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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