Tech Stock BlackBerry Limited (NYSE:BB) (TSX: BB), Leads TSX Volume

September 30, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including tech stocks reports on trading and news for / BlackBerry Limited (NYSE:BB)(TSX:BB), a leader in intelligent security software and services for enterprises and governments around the world.

BlackBerry leads the TSX in volume as of this report, currently trading at $3.5300, up 0.1600. gaining 4.75% on volume of over 3.3 Million shares. The stock has a day's high of $3.55.

BlackBerry recently reported financial results for the three months ended August 31, 2024 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

"BlackBerry reached a significant milestone on our path to profitability by recording breakeven adjusted EBITDA and non-GAAP EPS. This result was achieved through a combination of stronger than expected, double-digit revenue growth for both IoT and Cybersecurity, as well as tremendous ongoing progress in rationalizing our cost structure. Operating expenses for the quarter were 24% lower than the baseline for the prior year," said John J. Giamatteo, CEO, BlackBerry. "QNX delivered strong royalty revenue again this quarter, and there was year-over-year revenue growth for the secure communications products in our Cybersecurity division."

Second Quarter Fiscal 2025 Financial Highlights

Total company revenue was $145 million.

Total company non-GAAP gross margin was 66% and GAAP gross margin was 65%.

IoT revenue grew 12% year-over-year and exceeded previously-provided guidance at $55 million; IoT gross margin increased by 1 percentage point to 82%.

Cybersecurity revenue grew 10% year-over-year and exceeded previously-provided guidance at $87 million; Cybersecurity gross margin increased by 1 percentage point year-over-year to 55%.

Cybersecurity ARR was flat year-over-year at $279 million; DBNRR increased by 7 percentage points year-over-year and sequentially for the fourth consecutive quarter to 88%.

Licensing revenue was $3 million.

Non-GAAP operating loss was $4 million and GAAP operating loss was $21 million.

Non-GAAP earnings per share improved by $0.04 year-over-year to breakeven, beating the previously-provided guidance. GAAP basic loss per share also improved by $0.04 year-over-year to $0.03.

Adjusted EBITDA improved by $22 million to breakeven for the quarter.

Total cash, cash equivalents, short-term and long-term investments was $265 million; Operating cash usage beat expectations and improved by $43 million year-over-year to $13 million.

Recent news

https://ca.finance.yahoo.com/news/blackberry-reports-second-quarter-fiscal-210500369.html

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