But revenue from its Internet of Things business, which houses its enterprise software and technology solutions, rose only 5 per cent to $137 million, coming in below estimates of $151. 4 million, according to IBES data from Refinitiv. “IoT appeared to have underperformed.
Overall adjusted revenue rose 23 per cent to $267 million in the first quarter, benefiting from the company’s recent $1. 4 billion bet on cybersecurity firm Cylance. “Excluding Cylance, revenue was down slightly,” Li said.
BlackBerry Ltd on Wednesday reported lower-than-expected sales for its biggest business, hurt by weak demand for its security software from firms and government agencies, sending its shares down as much as 10 per cent.