BlackBerry beats revenue estimates as it reaps rewards of Cylance buy
(Reuters) - Canadian software maker BlackBerry Ltd on Wednesday beat analysts’ expectations for quarterly revenue, benefiting from its acquisition of cybersecurity firm Cylance.
In February, BlackBerry completed its acquisition of California-based Cylance, whose software uses machine learning to preempt security breaches.
BlackBerry’s adjusted revenue rose 23% to $267 million in the first quarter, beating the average analyst estimate of $265 million, according to IBES data from Refinitiv.
The company’s net loss narrowed to $35 million, or 9 cents per share, in the quarter ended May 31, from $60 million, or 11 cents per share, a year earlier.
Excluding one-time items, the company earned 1 cent per share, in line with analysts’ estimates.
Reporting by Debroop Roy in Bengaluru; Editing by Maju Samuel