BlackBerry of Canada announced an unexpected profit for the fourth quarter, which was boosted by an increase in demand for its cybersecurity services in response to an increase in the number of high-profile hacks and crimes perpetrated online.
According to LSEG statistics, the company recorded an adjusted net profit of 3 cents per share for the quarter that ended on February 29, which was higher than the analysts’ average expectation of a loss of 3 cents.
The Waterloo-based company exceeded experts’ average expectation of $154.78 million with its $173 million quarterly revenue.
The cybersecurity unit’s sales increased 5% year over year to $92 million, while the Internet of Things (IoT) segment saw a 25% increase to $66 million.
The cybersecurity unit offers sophisticated security software to governments and businesses.
CEO John Giamatteo stated in a statement, “We are making good progress with both the divisions and driving towards profitability, and operating cash usage more than halved sequentially this quarter.”
In February, the corporation announced that it had cut 200 jobs and shuttered certain offices to achieve its goal of a $100 million yearly profit gain.
BlackBerry predicts sales for the first quarter of $130 million to $138 million, which is less than the $151.12 million experts had predicted.
BlackBerry projects sales of $586 million to $616 million for the entire year 2025, with an adjusted loss per share of 3 to 7 cents.
Following the announcement, the company’s shares that are listed in the US increased by 6.4%.
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