BlackBerry reports record Internet-of-Things revenues

Blackberry (TSX:BB) reported record quarterly revenues in its Internet of Things (IoT) division in a post-session trading update, with total sales jumping 25% year on year to $66 million.

At an 85% gross margin, IoT was a top cash generator for the mobile phone-cum-software company, though cybersecurity remained the primary revenue driver at $95 million in the quarter.

Firm-wide revenues for the quarter came to $173 million on a 75% gross margin, while total company revenue for the entire year came to $853 million, though this was heavily influenced by the $218 million disposal of a legacy patent portfolio.

Blackberry (TSX:BB) enacted a stringent cost-saving program in the fourth quarter, with cash used by operations more than halving sequentially to $15 million.

BlackBerry anticipates the current quarter to be an adjusted earnings loss maker, but should break even for the full year.