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BlackBerry beats revenue estimates as it reaps rewards of Cylance buy

Kitco News

(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

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