BlackBerry beats revenue estimates on demand for cybersecurity services By Reuters

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© Reuters. The Blackberry logo is seen on a smarphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Canada’s BlackBerry (NYSE:) Ltd beat Wall Street estimates for first-quarter revenue on Thursday, helped by rising demand for its cybersecurity services amid an industry-wide shift to hybrid working.

Demand for the company’s cybersecurity software has been rising as more businesses migrate to cloud platforms that support remote work, a trend that has been fueled by the pandemic. Soaring demand for electric vehicles and connected-car technologies has also boosted sales of BlackBerry’s auto software, used in cars made by General Motors (NYSE:), Mercedes-Benz and Toyota, among others.

Revenue fell 3.4% to $168 million for the quarter ended May 31, but topped analysts’ average estimate of $160.7 million, according to IBES data from Refinitiv.

Net loss widened to $181 million, or 35 cents per share, from $62 million, or 11 cents per share, a year earlier.

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