Software and services provider BlackBerry (BB) suffered a loss of $56 million in its recently reported fourth quarter results.
The company confirmed a loss of 10 cents per share, with net income adjusted to 3 cents per share after restructuring charges and asset impairment charges. This was better than the 3 cent loss that analysts had expected.
Revenue for the period was reported to be $173 million in the final quarter and $853 million for the full year of 2023, exceeding analysts’ expectations. His overall loss for the year was $130 million, or 22 cents per share.
Looking forward, BlackBerry expects a loss of 4 cents to 6 cents per share for the current quarter. This number is based on expectations for first-quarter revenue of between $130 million and $138 million. The company expects a full-year loss of at least 3 cents per share, and possibly as much as 7 cents, on revenue of between $586 million and $616 million. . These results sent BB stock up more than 6% on Wednesday.
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A big part of why BB beat analyst estimates was increased revenue from its cybersecurity division. This division produces intelligent security software, which is sold primarily to governments and businesses. Revenue increased 5% year over year to ~$92 million. Revenue from his IoT side of the business increased by 25% to his $66 million. CEO John J. Giamatteo said:
BlackBerry ended a solid fiscal year, setting a number of new records along the way.
https://www.leaprate.com/live-market-news/blackberry-suffers-q4-loss-but-outperforms-expectations/
