Canadian security software supplier Blackberry Ltd reported its quarterly revenue on Thursday. The result unexpectedly beat Wall Street estimates. Following the reportage, Blackberry noted a rise in its shares.
A report from Reuters revealed that Blackberry recorded $174 million in revenue for the first quarter ended May 31. The figure falls behind the $206 million records from a year earlier. Still, Blackberry managed to exceed analysts’ average estimate of $171.25 million, Refinitiv-IBES data shows.
A rebound in demand for Blackberry’s QNX operating software and cybersecurity products is expected to have contributed to the company’s first-quarter revenue result.
Previously, the electric vehicle sales boom has raised the demand for Blackberry’s QNX software.
Additionally, Cybersecurity services have been in demand. As more businesses migrate to cloud-based computing, the demand also grows. More businesses have been looking for such services to accommodate remote work during the COVID-19 pandemic.
Blackberry further reported a narrowed net loss in the quarter to $62 million, which translates into 11 cents per share. In comparison, Blackberry’s net loss from a year prior was $636 million, or $1.14 cents per share
Noted from Reuters, shares of Blackberry in the US gained .3% at $12.84 in extended trading.
BlackBerry also received a boost from being one of the “meme stocks”. The short-squeeze frenzy led by the Reddit army took the shares of BlackBerry to over 90% higher this year.
Read also: BlackBerry Phones Rise Again, Use 5G Technology
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