BlackBerry Suffers Q4 Loss but Outperforms Expectations

Software and service provider BlackBerry (BB) suffered a loss of $56m in the Q4 results recently reported.

The company confirmed a loss of 10 cents per share, and the net earning profit adjusted to three cents per share after restructuring costs and asset impairment costs. That was better than the three-cent loss that analysts had expected to see.

The revenue for the period was posted at $173m for the final quarter and $853m for the whole of 2023, beating the estimates set by analysts. The overall loss for the entire year was $130m, which relates to 22 cents per share.

Looking ahead, BlackBerry expects to see the current quarter result in a loss that should be between four and six cents per share. The figure is based on expectations of revenue in the first quarter of somewhere between $130m and $138m. The company predicts a full-year loss of at least three cents per share and possibly as high as seven cents, based on revenue being between $586m and $616m. These results led to the BB share price rising by over 6% on Wednesday.

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Increased revenue from their cybersecurity unit was a big part of the reason BB beat analyst’s predictions. The division produces intelligent security software, mainly sold to governments and enterprises. They saw a 5% increase in year-on-year revenue, taking it up to $92m. Revenue from the IoT side of the business shot up by 25% to $66m. CEO John J. Giamatteo said:

BlackBerry delivered a solid finish to the fiscal year, setting a number of new records in the process.