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BlackBerry trims Q1 loss to US$62 million despite nearly 16% drop in revenue

BlackBerry trims loss

BlackBerry Ltd. trimmed its net loss to US$62 million in the first quarter of its fiscal year despite lower revenues.

The Waterloo, Ont., based company, which reports in U.S. dollars, says it lost 11 cents per share in the three months ended May 31, compared with a loss of $1.14 per share or US$636 million a year earlier.

Revenues decreased 15.5 per cent to US$174 million from US$206 million in the first quarter of fiscal 2021.

Cybersecurity revenue was US$107 million while internet of things revenue was US$43 million and licensing and other revenue was US$24 million.

On an adjusted basis, it lost five cents per share.

BlackBerry was expected to lose 13 cents per share or five cents per share adjusted on US$171.25 million of revenues, according to financial data firm Refinitiv.

"In IoT we are pleased with the strong progress of the auto business, despite global chip shortage headwinds," stated executive chairman and CEO John Chen.

"Design activity remains strong, the number of vehicles with QNX software embedded has increased to 195 million, and royalty revenue backlog grew by nine per cent year-over-year."



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