BlackBerry Ltd BB reported second quarter financial results after the bell on Thursday. Here is a summary of the report:
Second Quarter Revenue: BlackBerry reported second quarter revenue of $145 million, beating analyst estimates of $141.42 million. The company reported breakeven profit in the second quarter on an adjusted basis, beating analysts’ expectations for a loss of 3 cents per share, according to Benzinga Pro.
IoT revenue was $55 million, up 12% year over year. Cybersecurity revenue for the quarter totaled $87 million, an increase of 10% year over year. Licensing revenue was $3 million.
BlackBerry ended the quarter with $265 million in cash, cash equivalents, and short- and long-term investments.
“BlackBerry reached a key milestone on its path to profitability by recording break-even adjusted EBITDA and non-GAAP EPS. This result exceeds expectations in both IoT and Cybersecurity2 This was achieved through a combination of order-of-magnitude revenue growth and continued significant progress in streamlining our cost structure, with operating expenses down 24% from the prior-year baseline.” says.
“QNX continued to deliver strong royalty revenue this quarter, with our Cybersecurity segment’s secure communications product revenue increasing year-over-year.”
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What’s next: BlackBerry expects third-quarter revenue to be between $146 million and $154 million. BlackBerry expects third-quarter IoT revenue of $56 million to $60 million, cybersecurity revenue of $86 million to $90 million, and license and other revenue of approximately $4 million.
The company also forecast third-quarter breakeven earnings of plus or minus 1 cent per share.
BlackBerry expects full-year sales of $591 million to $616 million. The company expects full-year adjusted earnings to be a loss of 2 cents to 5 cents per share.
Management plans to hold a conference call regarding these results at 5:30 p.m. ET.
BB Price Action: BlackBerry stock rose 0.79% in the after-hours, according to Benzinga Pro, and was trading at $2.56 at press time on Thursday.
Photo: Courtesy of BlackBerry.
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