June 24 (Reuters) - Canadian security software supplier
Blackberry Ltd beat Wall Street estimates for
quarterly revenue on Thursday, lifted by a rebound in demand for
its QNX operating software and cybersecurity products.
U.S.-listed shares of the company were up 1.3% at $12.84 in
Revenue fell to $174 million in the first quarter ended May
31 from $206 million a year earlier, but beat analysts' average
estimate of $171.25 million, according to Refinitiv-IBES data.
Demand for cybersecurity services have been on the rise as
businesses increasingly migrate to cloud-based computing to
support remote work during the COVID-19 pandemic.
A boom in electric-vehicle sales has also bolstered demand
for BlackBerry's QNX software, primarily used in cars.
Net loss in the quarter narrowed to $62 million, or 11 cents
per share, from $636 million, or $1.14 cents per share, a year
The company was also one of the "meme stocks" that received
major attention from investors after a social-media driven
retail short-squeeze frenzy. BlackBerry's shares are up over 90%
so far this year.
(Reporting by Eva Mathews and Niket Nishant in Bengaluru;
Editing by Ramakrishnan M.)