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BlackBerry Limited (BB-5.11%) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports total revenue of $143 million for the quarter, a decrease from $152 million in the same quarter of the previous year. The decrease is attributed to declines in Secure Communications revenue, partially offset by increases in IoT revenue.
Secure Communications revenue was $74 million, down from $91 million in the previous year, primarily due to a decrease in product revenue from Secusmart and BlackBerry UEM licenses.
IoT revenue increased to $62 million from $55 million, driven by higher BlackBerry QNX royalty and development seat revenue.
Licensing revenue was $7 million, compared to $6 million in the previous year.
Gross margin for the quarter was $112 million, down from $119 million, with a consistent gross margin percentage of 78.3%.
Operating expenses decreased to $93 million from $101 million, due to reductions in salaries, benefits, and impairment charges.
The company reported a net loss of $11 million for the quarter, compared to a net loss of $21 million in the previous year.
Cash, cash equivalents, and investments totaled $266 million as of November 30, 2024, a decrease from $298 million as of February 29, 2024.
BlackBerry completed the sale of certain non-core patent assets to Malikie Innovations Limited, contributing to revenue in the previous fiscal year.
The company continues to focus on its Secure Communications and IoT divisions, with expectations of revenue growth in these areas in the coming quarters.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BlackBerry Limited quarterly 10-Q report dated December 20, 2024. To report an error, please email earnings@qz.com.