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BlackBerry Ltd. 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, Mercedes-Benz and Toyota, 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.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 07/11/24 0:34pm EST.

SymbolName% changeLast
BB-T
Blackberry Ltd
+0.31%3.21
BB-N
Blackberry Ltd
+1.31%2.32

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