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Canada's BlackBerry reported a surprise quarterly profit, backed by resilient demand for cybersecurity services amid rising online threats, according to Yamina Kalia's report for Reuters.
Earlier this month, BlackBerry discarded its initial public offering (IPO) plans for its Internet of Things (IoT) business. I Photo: Louise Ferguson Bilbao
While IT spending has dwindled over the past year, cybersecurity-related expenditure has remained stable as businesses and governments scramble to beef up their systems against hackers.
Over the past few months, casino giants such as MGM Resorts International and Caesars Entertainment faced large data breaches, forcing businesses to prioritize cybersecurity. Revenue in the third quarter rose to $175 million from $169 million.
Analysts, on average, had expected revenue of $173.5 million, according to LSEG data.
Earlier this month, BlackBerry discarded its initial public offering (IPO) plans for its Internet of Things (IoT) business but still expects to split the IoT and Cybersecurity businesses into fully standalone divisions.
"Work has commenced to fully separate and significantly rightsize our businesses, and we expect to further reduce operating cash flow usage in Q4," said CEO John Giamatteo.
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