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BlackBerry Posts Q2 Loss Of $42 Million, Revenue Falls 21%

BlackBerry (BB) has reported a net loss of $42 million U.S. for its fiscal second quarter as revenues at the former smartphone maker declined 21% from a year earlier.

The latest loss at the Waterloo, Ontario-based technology company was an improvement over a loss of $54 million U.S. recorded a year ago.

In its earnings statement, BlackBerry said the current loss works out to $0.07 U.S. per share.

BlackBerry said its revenue in fiscal Q2 came in at $132 million U.S., down 21% from $168 million U.S. in same quarter of 2022.

Revenue in the company's cybersecurity segment declined by 40% year-over-year, while revenue from its internet of things (IoT) segment rose by 4%.

BlackBerry also announced the resignation of Timothy Dattels from its board of directors when issuing its latest financial results. A reason for the resignation wasn’t provided by the company.

The stock of BlackBerry has declined 2% over the last 12 months and is down 50% over the past five years. The stock currently trades at $6.46 per share in Toronto.