BlackBerry loses US$42 million in second quarter

WATERLOO, ONT. — BlackBerry Ltd. says it lost US$42 million in the second quarter of its 2024 fiscal year, compared to a loss of US$54 million in the same period last year.

The Waterloo, Ont.-based tech company, which reports its earnings in U.S. dollars, says the loss works out to seven cents per diluted share.

BlackBerry says its revenue for the second quarter was $132 million, compared to $168 million in the prior year’s quarter.

While revenue from the company’s cybersecurity segment declined by 40 per cent year-over-year, revenue from its IoT segment increased by four per cent.

The company says it expects its IoT revenue to continue to grow, and is forecasting its fourth quarter to be the strongest ever for that segment.

BlackBerry also announced the resignation of Timothy Dattels from its board of directors Thursday.

This report by The Canadian Press was first published Sept. 28, 2023.

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The Canadian Press