BlackBerry Limited (NYSE: BB) has reported a profit for the first quarter of 2024, on an adjusted basis, compared to a loss last year. The tech firm’s revenues more than doubled during the quarter.
Total revenues increased sharply to $373 million in the first quarter from $168 million in the corresponding period of 2023. A sharp increase in Licensing & Other revenue more than offset weakness in the other businesses.
The company reported adjusted earnings of $0.06 per share for the quarter, compared to an adjusted loss of $0.05 per share a year earlier. On an unadjusted basis, it was a net loss of $11 million or $0.02 per share, compared to a loss of $181 million or $0.35 per share in the first quarter of 2023.
“This quarter we delivered sequential revenue growth in our Cybersecurity business unit. Revenue growth was driven by a year-over-year increase in billings and pipeline, anchored on strength in our core verticals, particularly government,” said John Chen, CEO of BlackBerry.