Blackberry Posts Q2 Loss Of $42 Million, Revenue Falls 21%


(MENAFN- Baystreet.ca) BlackBerry Posts Q2 Loss Of $42 Million, Revenue Falls 21%

BlackBerry (BB) has reported a net loss of $42 million U.S. for its fiscal second quarter as revenues at the former smartphone maker declined 21% from a year earlier.

The latest loss at the Waterloo, Ontario-based technology company was an improvement over a loss of $54 million U.S. recorded a year ago.

In its earnings statement, BlackBerry said the current loss works out to $0.07 U.S. per share.

BlackBerry said its revenue in fiscal Q2 came in at $132 million U.S., down 21% from $168 million U.S. in same quarter of 2022.

Revenue in the company's cybersecurity segment declined by 40% year-over-year, while revenue from its internet of things (IoT) segment rose by 4%.

BlackBerry also announced the resignation of Timothy Dattels from its board of directors when issuing its latest financial results. A reason for the resignation wasn't provided by the company.

The stock of BlackBerry has declined 2% over the last 12 months and is down 50% over the past five years. The stock currently trades at $6.46 per share in Toronto.

MENAFN29092023000212011056ID1107164666


Baystreet.ca

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.