BlackBerry Stock Jumps On Q1 Earnings Beat: The Details

Author: Adam Eckert | June 26, 2024 05:27pm

BlackBerry Ltd (NYSE:BB) reported fiscal first-quarter financial results after the market close on Wednesday. Here’s a look at the key metrics from the quarter.

Q1 Revenue: $144 million, beat estimates of $134.052 million

Q1 EPS: loss of 3 cents, beat estimates for loss of 4 cents

IoT revenue was $53 million, up 18% year-over-year. Cybersecurity revenue totaled $85 million in the quarter and licensing and other revenue came in at $6 million. BlackBerry ended the quarter with $283 million in cash, cash equivalents and short- and long-term investments.

“BlackBerry’s strategy is delivering results. The Company is making significant progress towards operational independence for our IoT and Cybersecurity businesses, as well as towards profitability,” said John Giamatteo, CEO of BlackBerry.

“We exceeded our outlook range for both adjusted EBITDA and non-GAAP EPS this quarter and achieved a third consecutive sequential improvement in free cash usage. BlackBerry remains on track to be both profitable on a non-GAAP basis and generating positive cashflow in the fourth quarter.”

Guidance: BlackBerry expects fiscal second-quarter revenue to be between $136 million and $144 million. IoT revenue is expected to be between $50 million and $54 million, cybersecurity revenue is expected to be between $82 million and $86 million and licensing and other revenue is expected to total approximately $4 million. The company guided for a second-quarter loss of 2 cents to 4 cents per share.

BlackBerry anticipates full-year revenue of $586 million to $616 million. The company anticipates a full-year adjusted earnings loss of 3 cents to 7 cents per share.

Management will hold a conference call to discuss these results at 5:30 p.m. ET.

BB Price Action: BlackBerry shares were up 7.69% after hours at $2.38 at the time of publication, according to Benzinga Pro.

Photo: Courtesy of BlackBerry.

Posted In: BB