BlackBerry's Quarterly Report Loss Narrowed, Revenue and Outlook

TapTechNews June 27th news, BlackBerry Corp. reported its latest quarterly financial report on Wednesday, but the amount of loss was less than expected. The company is striving to restore adjusted profitability.

The company, which is currently focused on the Internet of Things and cyber security fields, reported that its net loss in the first fiscal quarter was $42 million (TapTechNews note: currently about 230 million Chinese yuan), equivalent to a loss of 7 cents per share. This is an expansion compared to the loss of $11 million in the same period last year, but it is narrower than the loss of $56 million in February this year.

After adjustment, BlackBerry's loss per share was 3 cents, compared with a profit of 6 cents in the same period last year. However, this loss figure is better than the analysts' expectations. Analysts tracked by FactSet previously expected a loss of 5 cents per share.

The share price of BlackBerry rose 7% in after-hours trading on Wednesday.

BlackBerry CEO John Giamatteo said in a news release: BlackBerry is expected to achieve non-US Generally Accepted Accounting Principles (GAAP) profitability and generate positive cash flow in the fourth quarter.

BlackBerry's revenue in the current quarter was $144 million, which is lower than $173 million in February and $373 million in the same period last year, but this figure is also higher than the analysts' expected $131.6 million.

The company is making significant progress in the operational independence and profitability of its Internet of Things and cyber security businesses, said Giamatteo. The revenue of the company's Internet of Things business increased by 18% year-on-year.

For the upcoming fiscal quarter, BlackBerry expects revenue to range from $136 million to $144 million, and the adjusted loss per share will be 2 cents to 4 cents. In contrast, analysts tracked by FactSet are expected to have revenue of $139.7 million and a loss per share of 3 cents.