Canadian technology firm BlackBerry (BB) reported that its net loss tripled in this year’s first
quarter to $181 million U.S.
The loss was the result of a financial settlement related to a 2013 class action lawsuit by
shareholders over the company’s BlackBerry 10 smartphone.
BlackBerry reached the lawsuit settlement in April. The class action suit had accused
BlackBerry of defrauding shareholders by making misleading claims about its smartphone.
The Waterloo, Ontario-based company said it lost $0.31 U.S. per share, compared with a loss of
$0.11 U.S. a share, or $62 million U.S., a year ago.
Excluding one-time items, including the $165 million U.S. legal settlement, BlackBerry lost $31
million U.S., or $0.05 U.S. a share, compared with a loss of $27 million U.S. or $0.05 U.S. per
share in the year earlier period.
BlackBerry, which reports in U.S. dollars, said its revenue for the three months ended May 31 of
this year fell to $168 million U.S. from $174 million U.S. in the same period of 2021.
Analysts had expected BlackBerry to report an adjusted loss of $0.05 U.S. a share on $160.7
million U.S. of revenues, according to Refinitiv data.
The company said that its revenue from Internet of Things products and services rose 19% to
$51 million U.S., while its cybersecurity revenue increased 6% to $113 million U.S.
Earlier this week, BlackBerry shareholders rejected the company's executive compensation
proposal.
BlackBerry stock is down 41% this year to $6.99 a share.
