BlackBerry Ltd (NYSE:BB) beats analysts expectations on strong cybersecurity & Internet of Things software products demands

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BlackBerry Ltd (NYSE:BB) stock surges 11.92% (As on Sep 23, 11:22:38 AM UTC-4, Source: Google Finance) after the company posted better than expected results driven by uptick in demand for cybersecurity and IoT products as more businesses and government organizations shift their operations to the cloud in order to support hybrid working. BB has swung to an adjusted loss of US$33 million versus an adjusted profit of $58 million in the second quarter of its fiscal 2021. The company warned that a drop in automobile production volumes due to COVID-19 closures and chip shortages will continue to adversely affect the company in the next two quarters this fiscal year.
Meanwhile, BlackBerry also appointed John Giamatteo, formerly of cybersecurity firm McAfee, as the President of its cybersecurity business.
BB in the second quarter of FY 22 has reported the adjusted loss per share of 6 cents, beating the analysts’ estimates for the adjusted loss per share of 5 cents. The company had reported the adjusted revenue of $175 million in the second quarter of FY 22, beating the analysts’ estimates for revenue of $163.5 million of revenues, according to financial data firm Refinitiv. IoT revenue for the second quarter of fiscal 2022 was $40 million and Cyber Security revenue for the second quarter of fiscal 2022 was $120 million. Licensing and Other revenue for the second quarter of fiscal 2022 was $15 million as negotiations for the sale of a portion of the patent portfolio continue.
Additionally, BlackBerry has design wins with 24 of the world’s leading 25 Electric Vehicle (EV) automakers. This has increased from 23 of the top 25 last quarter following an EV win with Daimler. BlackBerry IVY is expected to deliver highly secure vehicle-based payments, leveraging direct access to vehicle sensor data and edge processing to create a “digital fingerprint”. The company delivered through a partnership with Car IQ. Nobo Technologies selects BlackBerry QNX Neutrino as foundation for new Digital Cockpit Controller for Great Wall Motors’ Haval G6S SUV. Great Wall Motors is China’s largest producer of SUV vehicles. In addition, sTraffic, Korea’s leading solution developer for transportation infrastructure systems, selects QNX OS for Safety as the foundation for their train traffic management system that includes unmanned train operations. BlackBerry has launched BlackBerry Jarvis 2.0 composition analysis tool.

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