July 23rd, 2024

BlackBerry reports US$42-million net loss in Q1 as revenue also drops

By The Canadian Press on June 26, 2024.

The BlackBerry logo located in the front of the company's B building in Waterloo, Ont., Tuesday, May 29, 2018. THE CANADIAN PRESS/Andrew Ryan

WATERLOO, Ont. – BlackBerry Ltd. says it incurred a US$42-million net loss in its most recent quarter as its revenue also fell significantly from a year ago.

The Waterloo, Ont.-based technology company says the first-quarter results were a drop from a year earlier, when BlackBerry saw a US$11-million net loss.

The company, which reports its financial performance in U.S. dollars, says the results amount to a loss of seven cents US per share, compared with two cents US per share a year prior.

Its revenue for the period ended May 31 amounted to US$144 million, down from US$373 million a year prior.

Its cybersecurity business was responsible for about US$85 million of the revenue, while its Internet of Things division earned US$53 million and its licensing segment US$6 million.

The company says it expects its revenue to land somewhere between US$136 million and US$144 million next quarter.

This report by The Canadian Press was first published June 26, 2024.

Companies in this story: (TSX:BB)

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