(News Bulletin 247) – BlackBerry Limited reported yesterday evening quarterly results that exceeded analysts’ forecasts thanks to the sale of part of its intellectual property portfolio.
The Canadian group, which specializes in securing connectivity, reported Thursday a turnover of 373 million dollars for its first fiscal quarter, ending at the end of May, compared with a consensus of 161 million dollars. .
Canaccord Genuity analysts point out, however, that excluding the sale of its non-strategic patents to Malikie Innovations, a subsidiary of Key Patent Innovations, the turnover would have reached only $155 million, a performance lower than the market expectations.
A disappointment that the design office explains by the worse than expected results of the business lines in cybersecurity and the Internet of Things (IoT), the two core activities of the Waterloo group (Ontario).
Sales of the cybersecurity branch only reached $93 million over the past three months, where Canaccord had expected $105 million.
As for the IoT division, its turnover of 45 million dollars is also much lower than the 51 million targeted by analysts.
Despite these performances deemed a little fair, BlackBerry assured that it expected to achieve the forecasts established by the consensus, in both cybersecurity and IoT, over the entire financial year, which allowed its title to climb 11% in early trading on the New York Stock Exchange.
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