BlackBerry Limited (NYSE: BB) has reported a net loss for the third quarter of 2023 as the smartphone maker’s revenues declined amid faltering demand.
Total revenues decreased to $169 million in the third quarter from $184 million in the corresponding period of 2022. An increase in IoT revenues was more than offset by weakness in the other two operating segments.
Reflecting the weak top-line performance, the tech firm suffered a loss of $4 million or $0.09 per share during the three-month period, compared to a profit of $74 million in the prior-year quarter. Adjusted loss, on a per-share basis, was $0.05 per share, compared to breakeven last year.
Check this space to read management/analysts’ comments on BlackBerry’s Q3 2023 earnings
“In our Cybersecurity business, the rebuilding continues to gain momentum. In line with the path outlined last quarter, churn improved and there was further evidence that investments in go-to-market and the product portfolio will drive further sequential improvements and progress towards a return to ARR growth next fiscal year,” said John Chen, CEO of BlackBerry.