BB - BlackBerry Non-GAAP EPS of $0.06 beats by $0.11 revenue of $373M beats by $213.71M

2023-06-28 17:08:35 ET

• BlackBerry press release ( NYSE: BB ): Q1 Non-GAAP EPS of $0.06 beats by $0.11 .
• Revenue of $373M (+122.0% Y/Y) beats by $213.71M .
• Total company GAAP and non-GAAP gross margin was 48%, both lower due to completion of the significant sale of the non-core portion of the patent portfolio in the quarter. Excluding the patent sale, the non-GAAP gross margin was 22 percentage points higher.
• IoT revenue was $45 million, with gross margin of 80%.
• Cybersecurity revenue was $93 million, with gross margin of 60% and ARR of $289 million.
• Cybersecurity billings were $122 million, increasing for the 4 ^th consecutive quarter, with 14% sequential and 37% year-over-year growth.
• Licensing and Other revenue was $235 million, including $218 million relating to the patent sale.
• Non-GAAP operating profit was $35 million and GAAP operating loss was $11 million.
• Total cash, cash equivalents, short-term and long-term investments increased by $91 million to $578 million, with the first instalment of $170 million received from the patent sale.
• Net cash generated from operating activities in the quarter was $99 million.
• Outlook: BlackBerry will discuss its outlook in connection with the quarterly earnings announcement on its earnings conference call.
• Shares +6.79% AH.

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