Blackberry (TSX:BB) shares spiked higher at the open on Friday after the Canadian software firm posted its fourth quarter and fiscal 2023 financial results.
After initially falling post-results in after-hours trading, Blackberry (TSX:BB) stock added 8.5% at US$4.35 just after the opening bell.
For the quarter ended February 28, 2023, the company posted a net loss of $495 million or $0.85 loss per share on revenue of $151 million. Its non-GAAP loss per share was $0.02.
In the same quarter a year ago, it posted a profit of $144 million or $0.25 earnings per share on revenue of $185 million.
The company noted it was impacted by a $476 million non-cash, goodwill, and long-lived asset impairment charge during the quarter.
Blackberry (TSX:BB)’s non-GAAP loss per share came in ahead of the Street’s expectations of a loss of $0.07 per share, but revenue fell short of the expected $156.65 million for the fourth quarter.
For fiscal 2023, Blackberry (TSX:BB) reported a net loss of $734 million or $1.27 loss per share on revenue of $656 million. In fiscal 2022, the company posted a profit of $12 million or $0.02 earnings per share on revenue of $718 million.
The company’s cybersecurity unit, a major revenue generator for the company, posted revenue of $88 million in 4Q, down from $122 million in the year-ago quarter.
"As previously communicated, Blackberry (TSX:BB)'s cybersecurity business unit saw the timing of a number of large government deals slip into later quarters, but we are confident that they will close this fiscal year,” noted Blackberry (TSX:BB) CEO John Chen.
He highlighted strength in the company’s IoT business, which set a new record for QNX design wins this fiscal year, with a royalty backlog reaching $640 million.
“Further, despite near-term macro and supply chain challenges for vehicle production, revenue increased by 16% year-over-year,” Chen said. “This quarter we also announced the first IVY design win with a leading automaker.”
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