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

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

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