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Introduction
BlackBerry Limited (NYSE: BB; TSX: BB) has released its preliminary financial results for the second quarter of fiscal year 2024. The company estimates that its revenue for the quarter will be approximately $132 million. While the IoT business unit is expected to show sequential growth of 9%, the cybersecurity business unit revenue is predicted to be lower than expected due to certain government deals not closing in the quarter. The licensing and other business unit revenue is estimated to be around $3 million. The company has also provided an update on its full-year revenue outlook, reiterating the guidance for the cybersecurity and licensing and other business units but adjusting the outlook for the IoT business unit to reflect revised production schedules at certain automakers.
Preliminary Second Quarter Fiscal 2024 Financial Results
The preliminary financial results for the second quarter ended August 31, 2023, are unaudited estimates. The total company revenue is expected to be approximately $132 million, with the IoT business unit revenue estimated at around $49 million and the cybersecurity business unit revenue estimated at approximately $80 million. The licensing and other business unit revenue is expected to be around $3 million.
Outlook
BlackBerry has reiterated its full-year revenue guidance for both the cybersecurity and licensing and other business units. However, the full-year revenue outlook for the IoT business unit has been adjusted to reflect factors such as revised production schedules at certain automakers. The revised outlook for the IoT business unit is now expected to be in the range of $225 million to $240 million.
Earnings Conference Call and Webcast
BlackBerry will be hosting a conference call and live webcast on Thursday, September 28, 2023, at 5:30 p.m. ET to discuss its preliminary financial results. The webcast can be accessed through the company’s investor webpage or by dialing the provided toll-free number. A replay of the conference call will also be available.
About BlackBerry
BlackBerry is a global provider of intelligent security software and services to enterprises and governments. The company is based in Waterloo, Ontario, and secures more than 500 million endpoints, including over 235 million vehicles. BlackBerry leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety, and data privacy. The company is a leader in endpoint management, endpoint security, encryption, and embedded systems.
Conclusion
BlackBerry has reported its preliminary financial results for the second quarter of fiscal year 2024. While the IoT business unit is expected to show growth, the cybersecurity business unit revenue fell short of expectations due to certain government deals not closing in the quarter. The company has adjusted its full-year revenue outlook for the IoT business unit to reflect revised production schedules at certain automakers. BlackBerry will be hosting a conference call and webcast to discuss its preliminary financial results in more detail.