Investing.com | Editor Pollock Mondal
Published Oct 03, 2023 11:32
BlackBerry (NYSE:BB)’s Q2 FY2024 earnings call revealed a 9% increase in its Internet of Things (IoT) business unit revenue to $49 million, with a gross margin of 84%. The company also secured 20 new design wins in the automotive sector, including a significant Advanced Driver Assistance Systems (ADAS) win with a top-five global automaker. However, the company adjusted its IoT revenue outlook for the next two quarters due to challenges faced by automakers.
Key takeaways from the call include:
- BlackBerry’s QNX operating system for safety is being deployed for various safety features in vehicles, solidifying its position in the automotive sector.
- The cybersecurity business unit reported a revenue of $79 million, with a gross margin of 54%. The company secured new deals with government entities and leading banks.
- BlackBerry’s total company revenue for the quarter was $132 million, with a non-GAAP net loss of $23 million.
- The company’s total cash,…
