BlackBerry Takes a Knock as Cybersecurity Revenue Drop Clouds Automotive Demand
Canada’s BlackBerry Ltd. on Tuesday reported a fall in cybersecurity revenue for the second quarter, as customers reined in spending due to an uncertain macroeconomic environment, sending its shares down about 3 percent in extended trading.
The company has also been facing tough competition from Microsoft Corp., Citrix Systems, and International Business Machines in the security software segment, with revenue in the unit falling 7.5 percent to $111 million from a year ago.
The company said in an earnings call that cybersecurity segment revenue in the third quarter is expected to be flat year-on-year.
However, revenue at the company’s Internet of things (IoT) unit, which includes the QNX software for automotive customers, rose about 28 percent to $51 million as it signed up more customers….