BlackBerry Ltd. reports a loss of $11 million in the first quarter as sales climb

WATERLOO, ONT. – BlackBerry Ltd. reported a loss of $11 million in its last quarter, up 93 percent from a loss of $181 million a year earlier.

The Waterloo, Ontario-based company, which reports in US dollars, says revenue for the first quarter ended May 31 was US$373 million, up 122 percent from US$168 million in the same quarter last year.

Diluted loss per share was 2 cents US, compared to a loss of 35 US cents last year.

Executive Chairman and CEO John Chen says in a press release that revenue growth was driven in part by billing, anchored on strength in the company’s core industries, particularly government.

BlackBerry says cybersecurity revenue was $93 million, up from $113 million a year earlier, while Internet of Things revenue was also lower.

License and other revenues rose to $235 million from just $4 million last year, including $218 million related to BlackBerry’s recent patent sale to Malikie Innovations Ltd.

This report from The Canadian Press was first published on June 28, 2023.

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