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Nov 30, 2023
BlackBerry Q3 2024 Earnings Report
Delivered sequential and year-over-year revenue growth in both IoT and Cybersecurity, non-GAAP earnings per share beat expectations, and operating cash usage improved significantly sequentially.
Key Takeaways
BlackBerry reported a good quarter with solid revenue growth in the IoT business and strong design win momentum. The Cybersecurity business also saw a strong quarter, securing large strategic deals with leading government agencies that drove strong sequential revenue growth and margin expansion. The company is working to fully separate and rightsize its businesses, expecting to further reduce operating cashflow usage in Q4.
Total company revenue was $175 million.
IoT revenue was $55 million, a 12% sequential and 8% year-over-year increase.
Cybersecurity revenue was $114 million, a 44% sequential and 8% year-over-year increase.
Non-GAAP basic earnings per share of $0.01 and GAAP basic loss per share of $0.04.
Forward Guidance
BlackBerry is providing the following guidance for the fourth quarter of fiscal 2024 (ending February 29, 2024).
Positive Outlook
- Total BlackBerry revenue: $150 - $159 million
- IoT revenue: $62 - $66 million
- Cyber revenue: $83 - $88 million
- Licensing & Other revenue: Approximately $5 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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