Proactive Investors - Blackberry (TSX:TSX:BB) posted a loss of $42 million for the second quarter of fiscal 2024, down from a loss of $54 million for the same period in the previous year.
This represents a loss per share of $0.07, down from a loss per share of $0.09 for the same period last year.
As projected when it handed down its preliminary quarterly results on September 6, the cybersecurity technology firm reported revenue of $132 million for 2Q, down 21.4% from $168 million in the same period last year.
Cybersecurity revenue was $79 million, down from $111 million for 2Q fiscal 2023, which the company said when it handed down its preliminary results was due to large government deals not closing within the quarter.
IoT revenue grew 9% sequentially to $49 million but was down from $51 million in the year-ago quarter.
"Our IoT business continues to win new designs and add royalty backlog at a strong rate, illustrating how well-positioned this business is in the medium to long term,” Blackberry (TSX:BB) CEO John Chen said in a statement.
“We expect a strong finish for IoT revenue this fiscal year, with the fourth quarter forecasted to be the strongest ever. We also expect a strong second half for revenue in our Cyber business, with a pipeline of deals that include large, mainly perpetual government opportunities that can deliver meaningful in-year revenue.”
The firm’s lacklustre 2Q results appear to have already been priced in by the market, with BlackBerry (TSX:BB) shares trading modestly higher in pre-market trade, up 0.8% at US$4.80.