BlackBerry shares drop on weak sales growth in Internet of Things unit

Waterloo-based BlackBerry, once known for its phones, has pivoted to selling software such as those used in mobiles and by automakers

BlackBerry shares drop on weak sales growth in Internet of Things unit

Curated via Twitter from Globe Technology’s twitter account….

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.

Link to original article….

Leave a Reply

Leave a comment
%d bloggers like this:
scroll to top