BlackBerry revenue tops estimates on auto, cybersecurity tech demand - Reuters.com

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The Blackberry logo is seen on a smarphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration

June 23 (Reuters) - Canada's BlackBerry Ltd (BB.TO), topped Wall Street estimates for first-quarter revenue on Thursday, powered by growth in its auto products and cybersecurity services segments.

Soaring demand for electric vehicles and connected-car technologies boosted sales of BlackBerry's auto software, used in cars made by General Motors (GM.N), Mercedes-Benz (MBGn.DE) and Toyota (7203.T), among others.

BlackBerry said that revenue from its Internet-of-Things segment that includes its auto products grew the fastest in the reported quarter at 19%, with a gross margin of 84%.

BlackBerry's car products help power a host of functions including advanced driver assistance systems, infotainment units and connected-car technologies that allow autos to access the internet.

Revenue from the company's cybersecurity segment, its largest, rose 6% to $113 million as more businesses migrated to cloud platforms that support the pandemic-fueled trend of remote work.

Overall revenue fell 3.4% to $168 million for the quarter ended May 31, but topped analysts' average estimate of $160.7 million, according to IBES data from Refinitiv.

Net loss widened to $181 million, or 35 cents per share, from $62 million, or 11 cents per share, a year earlier.

Excluding items, BlackBerry reported a loss of 5 cents per share, in line with analyst estimates.

Reporting by Akash Sriram in Bengaluru; Editing by Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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