BlackBerry surprised analysts by reporting a profit of 6 cents per share for the quarter ending on May 31, 2023, contrary to expectations of a 5 cents per share loss.
The company attributed this unexpected profit to its flourishing cybersecurity business, which experienced a 17% year-over-year revenue increase, reaching $88 million.
After facing challenges in recent years, BlackBerry’s positive financial performance is a promising development. Previously, the company’s focus was primarily on the smartphone market, but its devices failed to compete with the popularity of iPhones and Android devices.
Consequently, in 2016, BlackBerry made a strategic decision to sell its hardware business to Foxconn and shift its attention to software and services.
Today, BlackBerry’s cybersecurity business holds the largest share in the company’s revenue, accounting for 55%.BlackBerry’s recent earnings report is a sign that the company is finally starting to turn things around.
