For those not in the know, Blackberry was famous for its PDAs and smartphones, but reinvented itself as a software company with a focus on cybersecurity. It has done really well as hybrid work has become the new norm.
In its first-quarter results, BlackBerry’s total revenue of $168 million. While this was down 3.4 per cent, but better than the $160.7 million analysts were projecting.
The company’s cybersecurity revenue accounted for $113 million, while IoT revenue came in at $51 million. Licensing and other revenue rounded out the company’s quarter at $4 million.
BlackBerry CEO John Chen said: “BlackBerry entered fiscal year 2023 with solid momentum, and this quarter we continued to execute well. At our recent Analyst Day, we outlined our 3-5 year financial goals for the business. Our performance demonstrates that our operational plans to achieve those goals are starting to deliver results.”
He said that the IoT business maintained its momentum of new design wins in rapidly growing core Auto domains, including Advanced Driver Assistance Systems and Digital Cockpits, and delivered a third consecutive record quarter for pre-production revenues.
Meanwhile the Cybersecurity business demonstrated solid traction in the market by recording double-digit year-over-year billings growth.
“Given its exciting market opportunities, and synergies as the two markets continue to converge, the Company is well positioned to invest and drive growth.”
BlackBerry recently sold $600 million of its patents related to its legacy mobile device business. It seems the company’s decision to go all-in on software and cybersecurity is paying off.