BlackBerry banks on new partnerships amid falling sales
Adjusted earnings beat expectations of analysts
Sales fell at BlackBerry Ltd. in the three months that ended Nov. 30, but the technology company is banking on partnerships with Amazon and Zoom to bring in steady revenue going forward.
The Waterloo, Ont.-based company says it had a net loss of $130 million US, or 23 cents US per share in its latest financial quarter, steeper than the same period last year when it lost $32 million US, or seven cents US per diluted share.
The cybersecurity and internet-of-things company says its revenue was $218 million US during its latest quarter, down from $267 million US in the same period last year.
On an adjusted basis, the company reported earnings of two cents US per share on revenue of $224 million US, better than the adjusted loss of one cent per share US on revenue of $219.72 million US expected by analysts polled by financial services firm Refinitiv.
The company, which this year launched a cybersecurity partnership with video streamer Zoom, says it now expects to end its fiscal year with about $950 million US in adjusted revenue, in line with guidance from earlier this year.
The quarterly report says that BlackBerry's recent deal with Amazon Web Services to develop and market BlackBerry's intelligent vehicle data platform will soon bring in regular revenue over multiple years.