BB - BlackBerry forecasts reaching adjusted profit by end of 2024

2023-05-17 15:13:33 ET

BlackBerry ( NYSE: BB ) has set a target of adjusted profitability by the end of next year, part of a set of long-term forecasts issued in conjunction with its analyst summit event.

BlackBerry stock ( BB ) was up 4.2% as its event began.

The company is targeting total revenues for fiscal 2024 of $665M-$700M -- growth of 6.6%-12.2% on comparable terms -- and fiscal 2026 revenues of $880M-$960M, or a three-year compound annual growth rate of 12-15%.

It expects three-year CAGR of 18-22% in its Internet of Things business, and 9-12% CAGR in its Cybersecurity business.

BlackBerry sees "significant improvements" in its non-GAAP EPS loss and cash flow usage in 2024, leading to adjusted profitability by the fourth quarter -- and positive full-year adjusted earnings and cash flow starting in fiscal 2025.

The three-year forecast sees an average increase of more than 200 basis points in its non-GAAP gross margin to fiscal 2026.

The company earlier opened up early access to QNX developer tools ahead of a 3 p.m. Q&A with its leaders in Cybersecurity and IoT .

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