Blackberry Sees Profit Surge In Q4 FY24 As Cybersecurity Demand Grows

BlackBerry reported increased profits for the fourth quarter on Wednesday, a surge attributed to the growing demand for its cybersecurity services, which has been fueled by the prevalence of online crimes and notable hacking incidents, according to Reuters report on Thursday.

Following this progress, the company's stake in the US market grew by 6.4 per cent after the trading day ended.

Additionally, the company’s adjusted net profit rose by 3 cents per share for the quarter that ended on 29 February.

Blackberry’s quarter revenue was reported at USD 173 million and revenue from the cybersecurity unit grew by 5 per cent YoY to USD 92 million, while revenue from its Internet of Things (IoT) business jumped by 25 per cent to USD 66 million.

With this achievement, the company is now positive about its future growth and aims to achieve higher revenues in CY2025 ranging from USD 586 million to USD 616 million and adjusted loss per share of 3 cents to 7 cents.