Blackberries. Photo: Unsplash.
London: BlackBerry expects a 21.4% drop in revenue in the second quarter due to weakness in the Canadian technology company’s cybersecurity segment. This led to a nearly 10% fall in its US-listed shares during extended trading on Wednesday September 6, 2023.
In the announcement of preliminary results for this quarter cited by Business time, Thursday, September 7, 2023, the company estimates revenue of approximately $132 million, compared to $168 million last year. Four analysts surveyed by LSEG expected BlackBerry to post revenue of $156.9 million.
Impact on BlackBerry revenue
“Given the product mix, delays in finalizing certain significant transactions are expected to impact revenues reported this quarter,” said John Chen, BlackBerry chairman and CEO.
In August, media reported that private equity firm Veritas Capital had submitted an offer to buy BlackBerry, months after the Canadian company began a strategic review.
The company estimates revenue from its cybersecurity unit will be about $80 million, up from $111 million last year.
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