BlackBerry Limited (BB) stock rallied in the Pre-Market today after it reported the second-quarter fiscal year 2022 results. BB stock price saw a push of 7.85% to reach $10.31 a share at the time of this writing. It seems that momentum was already built as BB stock went high by 2.03% at the previous closing. BlackBerry Limited is the provider of intelligent security software solutions and services to governments and enterprises across the globe. Let’s discuss about BlackBerry and its recent events.
The fiscal year 2022 Results:
BlackBerry generated $175 million in revenue with a 65% non-GAAP gross margin and 64% GAAP gross margin. IoT revenue for the reported quarter reached $40 million and the gross margin for IoT revenue was 83% and ARR was $89 million. Cybersecurity revenue reached $120 million with a 59% gross margin and ARR of $364 million for the reported quarter. The revenue that came from licensing and other sources was $15 million with a 60% gross margin.
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BlackBerry suffered a non-GAAP operating loss of $30 million and a GAAP operating loss of $141 million in the reported quarter. The company suffered GAAP operating loss mainly due to non-cash accounting adjustment to the fair value of the convertible debentures. Non-GAAP basic and diluted loss per share was $0.06 and GAAP basic and diluted share was $0.25.
BB stock provides Security for group phone calls and instant messages against Eavesdropping
On September 16, 2021, BB stock did announce the development in its SecuSUITE® for government offering. SecuSUITE® will now provide certified end-to-end encryption of instant messages and group phone calls for government institutions as well as for enterprises. The eavesdropping attacks have been increasing day by day and government officials and enterprises are suffering a lot due to this reason. SecuSUITE® solves this problem by giving protection against identity spoofing, communications interceptions, and metadata harvesting that leads to eavesdropping.
BB stock Delivered Secure Modern Authentication for Microsoft 365:
On September 9, 2021, BB stock reported the enhancement of integration of BlackBerry® Unified Endpoint Manager (UEM) and Microsoft 365. The enhancement will help the enterprises in security while using the productivity products of Microsoft. Customers will now enjoy the highly secure version of modern authentication in the cloud. Moreover, BB stock also enhanced the integration between BlackBerry UEM and Azure AD in order to provide secure authentication and conditional access.
Conclusion:
Better than expected the fiscal year 2022 results have added the hype in the per-share price of BB stock. The pandemic has shifted many enterprises working modes from offline to online and resultantly security threats increased with time. That’s why BlackBerry cybersecurity business has shown growth and is expected to grow more in the future.
