By Blackberry, the Ontario-based cybersecurity company, reported a wider loss in the fiscal third quarter, although its revenue exceeded expectations. In the quarter that ended on November 30th, the company’s loss amounted to $21 million, or 5 cents per share, compared to a loss of $4 million, or 1 cent per share, in the same period last year.
Adjusted for certain one-time items, the per-share profit was 1 cent, surpassing the analysts’ forecast of a loss of 4 cents, according to FactSet. Furthermore, revenue saw a 3.6% increase to $175 million, higher than the anticipated $165.2 million predicted by analysts polled by FactSet.
While undergoing the process of separating its IoT and Cybersecurity businesses into two independent divisions, Blackberry recently announced that it would no longer pursue an initial public offering for the former. Instead, the company has redirected its focus to strengthening its cybersecurity business. CEO John Giamatteo emphasized that the company had a successful quarter in this segment, securing significant contracts with prominent government agencies.
Overall, despite a widened loss, Blackberry exceeded revenue expectations thanks to its strong performance in the cybersecurity sector.
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