BlackBerry Ltd (NYSE:BB) shares are trading lower after the company reported its third-quarter earnings results. The company reported quarterly sales of $184 million which beat the analyst consensus estimate of $177.25 million by 4%. This is an 18% decrease over sales of $224 million in the same period last year.
"This quarter BlackBerry delivered solid sequential billings and revenue growth for both the IoT and Cybersecurity businesses, beating expectations for the second consecutive quarter. We also beat expectations on earnings, despite the ongoing investment to drive future top line growth," said John Chen, Executive Chairman & CEO, BlackBerry.
"In IoT our QNX business achieved a quarterly record for design-related revenues, performing stronger than expected despite ongoing industry supply chain headwinds. On the Cybersecurity front, we saw further traction for our recent unified endpoint security product launches with additional head-to-head wins against other next-gen players. I am excited about how the current organization is executing to take advantage of the market opportunities," Chen said.
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BlackBerry is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises.
BlackBerry has a 52-week high of $28.77 and a 52-week low of $6.52.
