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BlackBerry losses continue in second quarter

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Its second quarter results have been put to bed and the losses continue at BlackBerry (BlackBerry Stock Quote, Chart, News, Analyst, Financials NYSE:BB).

On September 28, the company reported its Q2, 2024 results. BlackBerry lost $47-million on revenue of $132-million, down 21 per cent from the $168-million it posted in the same period a year prior.

“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,” CEO John Chen said. “We expect a strong finish for IoT revenue this fiscal year, with the fourth quarter forecasted to be the strongest ever. Further, we are excited by the response from beta customers to our next generation QNX® Software Development Platform 8.0, and its potential to enable embedded Generative AI applications. 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. Therefore, we are reiterating our full-year Cyber revenue outlook.”

At press time, shares of BlackBerry on the NYSE were down 3.6 per cent to $4.58.

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