Briefing

BlackBerry’s revenues jump 23 per cent last quarter, sparking stock to life

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Revenues reached US$280 million in the quarter ended November 30, above the US$276 million that analysts predicted. The better-than-expected results were driven largely by demand in its patent licensing and the company’s cybersecurity businesses. Overall, BlackBerry lost US$32 million, down from a US$59-million profit a year earlier. Its stock was nonetheless up 12.71 per cent by close on Friday. (Reuters)

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Talking point: The revenue growth is a departure from the company’s middling performance of late. In October, its stock hit a 16-year low after reporting a US$44-million loss in its second quarter. Investors had hoped the company would glean double-digit revenue growth in 2019, after pivoting from smartphones to data management and security, and buying Cylance, a California-based cybersecurity firm. In a conference call on Friday, BlackBerry CEO John Chen said the company hit a milestone the past quarter in integrating technology from the US$1.4-billion acquisition into its operations—the company reported US$40 million in revenue from Cylance in the quarter.