BlackBerry’s Q1 revenue exceeds expectations thanks to high demand for cybersecurity services

Due to a surge in online threats, Canadian business BlackBerry (BB.TO) saw robust demand for cybersecurity services, exceeding first-quarter revenue estimates.

Canadian company BlackBerry (BB.TO) exceeded first-quarter sales projections on Wednesday thanks to a strong demand for cybersecurity services as a result of an increase in online threats. Following the bell, the company’s U.S.-listed shares, which offer cybersecurity and data protection services to governments and businesses, increased by 7.2%. In recent months, businesses including UnitedHealth Group (UNH.N.), a provider of technology to the auto sector, and CDK have opened new tabs. Large-scale data breaches occurred at the Change Healthcare unit and Live Nation Entertainment’s (LYV.N.) Ticketmaster unit.

High-profile thefts are driving businesses and government organizations to increase their cybersecurity spending in order to protect their data from hackers and viruses, even in the face of a broader slump in tech spending. This is increasing demand for cybersecurity companies like BlackBerry. LSEG data shows that the Waterloo-based company’s quarterly revenue of $144 million is above analysts’ average forecast of $134.1 million.

It restated its sales and profit projection for the entire year 2025. Separately, in April, BlackBerry opened a new tab in collaboration with Advanced Micro Devices (AMD.O.) to create a robotic system for the industrial and healthcare industries.

Also read: The future of retail is all about tech-driven personalization and convenience, says Amit Kriplani, CTO at ace turtle

Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter 

About us:

CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.

CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.