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BlackBerry Limited (NYSE: BB ) has reported a net loss for the third quarter of 2023 as the smartphone maker’s profits fell due to stagnant demand.
Total revenue fell to $169 million in the third quarter from $184 million in the corresponding period in 2022. The increase in IoT revenue was more than offset by weakness in the other two operating segments.
Reflecting the weak top-line performance, the technology company posted a loss of $4 million or $0.09 per share for the three months, compared with a profit of $74 million in the previous quarter. Adjusted loss, on a per share basis, was $0.05 per share, compared to last year’s breakeven.
Check out this space to read management/analyst commentary on BlackBerry’s Q3 2023 earnings
“In the Cybersecurity business, the redevelopment continues to gain momentum. In line with the path outlined in the last quarter, churn is improving and there is more evidence that investments in the market and product portfolio will lead to further improvements and progress to return to ARR growth in the year next fiscal year,” said John Chen, CEO of BlackBerry.
Previous Performance
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