July 13, 2024

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BlackBerry’s Q4 2024 Results: A Focus on Cybersecurity and IoT

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BlackBerry (BB) dives deeper into cybersecurity and IoT! Q4 2024 results show strong growth in these areas. Is BlackBerry a comeback story? Read the full breakdown here.
BlackBerry's Q4 2024 Results

BlackBerry's Q4 2024 Results: A Focus on Cybersecurity and IoT

BlackBerry (NYSE: BB; TSX: BB), the Canadian tech giant we all know from the early days of smartphones, recently released their financial results for the fourth quarter (Q4) and full fiscal year (FY) 2024. Let’s dive into the numbers and see what’s on the horizon for BlackBerry.

Strong Showing in IoT

One of the key takeaways is BlackBerry’s continued strength in the Internet of Things (IoT) space. They reported a record-breaking $66 million in IoT revenue for Q4, which is a positive sign for their focus on cybersecurity solutions for connected devices.

This growth in IoT is likely driven by the increasing demand for secure solutions in areas like manufacturing, healthcare, and automotive industries. As more and more devices become interconnected, the need for robust security measures becomes paramount.

Cybersecurity Holds Steady

BlackBerry’s core cybersecurity business also performed well, with revenue reaching $92 million in Q4. This represents a 5% year-over-year increase, indicating consistent growth in this crucial sector. The company boasts a healthy gross margin of 65% for its cybersecurity division, highlighting the profitability of their security offerings.

Overall Financial Performance

BlackBerry’s total company revenue for Q4 reached $173 million. While not a staggering number, it’s important to consider the company’s strategic shift towards high-growth areas like cybersecurity and IoT. They’re also reporting a significant increase in gross margin across the board, reaching 75% for both GAAP and non-GAAP metrics. This suggests BlackBerry is becoming more efficient in its operations.

Looking Ahead

BlackBerry’s focus on cybersecurity and IoT seems to be paying off. While the smartphone giant of the past may be a distant memory, the company is adapting and carving a niche for itself in the ever-growing cybersecurity and connected device landscapes. Their Q4 results indicate they’re on the right track, and it will be interesting to see how their strategy unfolds in the coming years.

For investors interested in learning more, you can visit BlackBerry’s Investor Relations website.

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