Thu, Jun 27, 8:20 PM (116 days ago)
BlackBerry Limited's Form 10-Q for the quarter ended May 31, 2024, reveals a challenging financial period. The company reported a net loss of $42 million, or $0.07 per share, compared to a net loss of $11 million, or $0.02 per share, in the same quarter last year. Revenue decreased significantly to $144 million from $373 million, primarily due to a one-time patent sale in the prior year. Segment-wise, Cybersecurity revenue fell to $85 million from $93 million, IoT revenue increased to $53 million from $45 million, and Licensing and Other revenue dropped sharply to $6 million from $235 million. Operating expenses decreased by 28.9% to $135 million, driven by lower salaries, benefits, and restructuring costs. Cash, cash equivalents, and investments totaled $283 million, down from $298 million at the end of the previous quarter. The company expects revenue in the next quarter to be between $136 million and $144 million.