BlackBerry (BB.TO) reported a surprise first-quarter profit on Wednesday as its cybersecurity division benefited from increasing client spending and its corporate software gained momentum in autos.
Extended trading lifted the company’s U.S. shares by 5.79%.
The Canadian technology business expects increased cybersecurity risks to boost demand for its cybersecurity products.
BlackBerry announced a 6 cents per share profit for the quarter ending May 31, surprising analysts who expected a 5 cent loss.
Refinitiv’s IBES statistics show that its $373 million revenue exceeded analysts’ $160.4 million projection.
Cybersecurity business unit revenue climbed 5.5% sequentially to $93 million, while licensing and other services revenue was $235 million, mostly from patent sales.
BlackBerry, which went public in 1997 and became famous for its ubiquitous business smartphones, closed its main company last year and has been trying to sell its mobile device patents.
In March, it sold mobile device patents to Malikie Innovation Limited for up to $900 million.
Waterloo, Canada-based BlackBerry, planned to evaluate strategic options, including separating its cybersecurity and software systems businesses.
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