BlackBerry revenue dips 8.2% to $169 mn

BlackBerry said revenue fell 8.2 percent to $169 million in the three-month period ended Nov. 30 from $184 million.
BlackBerry IoT businessBlackBerry’s revenue from the cyber security business in the third quarter fell about 17 percent to $106 million.

Sales in the Internet of things (IoT) unit, which includes BlackBerry’s QNX automotive software product, rose about 19 percent to $51 million in the quarter.

BlackBerry reported a net loss of $4 million in the three-month period ended Nov. 30, compared with a net income of $74 million a year earlier.

BlackBerry said the sales cycles for its cybersecurity software have become longer and it expects the current macroeconomic environment to pose more challenges in the near term.

The Canadian technology company said revenue from the cybersecurity business would remain flat in the first half of 2023, but grow in the latter half of the year.

BlackBerry Chief Executive John Chen said the cyber security business was regaining momentum and there’s evidence that investments will drive progress towards growth next year.

Growth in the electric vehicles industry and adoption of connected-car and other safety technologies boosted sales of BlackBerry’s automotive and embedded technology products.

BlackBerry’s revenue from Internet of things (IoT) is expected to grow between 15 percent and 18 percent this year.

BlackBerry said it was seeing some tightening in the North America and European automotive markets, but China and India markets for its QNX automotive software were strong.