Shares of BlackBerry limited fell on Tuesday’s post-trading market after its third-quarter fiscal 2022 sales dropped from last year’s report.
The cybersecurity company, formerly known as a smartphone maker, slashed 1.73% or 0.16 points to $9.09 per share.
In the regular trading session, it posted an inverse move from its gain of 4.17% or 0.37 points to $9.25 per share.
Still, its share price is 40.58% or 2.67 points year-to-date higher to $9.25. It also stands with a market capitalization of $5.27 billion.
In the latest earnings press release, BlackBerry’s net profit dropped to $74.00 million from the $130.00 million in the same period last year.
Consequently, it reported break-even earnings per diluted share with a net loss of $0.05, surpassing the market average estimate of $0.07.
Then, its revenue weakened to $184.00 million from last year’s $218.00 million.
Correspondingly, the prior figure received a boost from the surging demand of its software services due to the work from home trends.
Nevertheless, the firm outpaced analysts’ expectations of $177.25 million, supported by the sustained demand for its cybersecurity and Internet of Things products.
BlackBerry Posts Strong IoT Revenue
Accordingly, the Blackberry IoT segment significantly edged up to $43.00 million from the $22.00 million in 2020.
Meanwhile, its Cybersecurity business generated $128.00 million, slightly lower than the $130.00 in the previous year.
The demand for its security software remained strong as institutions shifted to cloud-based solutions, supporting remote work amid the pandemic.
Moreover, its income on licensing and other products weakened to $13.00 million from $56.00 million.
Consequently, BlackBerry CEO John Chen noted that they anticipates that automotive supply chain constraints will ease in the fourth quarter.
In line with this, the firm forecasted a boost in demand for its QNX car software. The said product is mainly utilized by vehicle manufacturers like Volkswagen, BMW, and Ford Motor.
