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BlackBerry Reports Fiscal Q1 Net Loss Of $11 Million

Canadian technology firm BlackBerry (BB) has reported a fiscal first quarter net loss of $11 million U.S.

That result is an improvement from the net loss of $181 million U.S. the company recorded a year earlier.

Waterloo, Ontario-based BlackBerry said its revenue for the quarter ended May 31 totaled $373 million U.S., up 122% from $168 million U.S. a year ago.

In a press release, the company said its revenue growth was driven by billings, particularly for government contracts.

BlackBerry said revenue in its cybersecurity unit was $93 million U.S., down from $113 million U.S. a year earlier, while its Internet-of-Things (IoT) revenue also declined in the period.

However, licensing revenue rose to $235 million U.S. from just $4 million U.S. last year, including $218 million U.S. related to BlackBerry's patent sale to privately held Malikie Innovations.

BlackBerry’s stock has declined 8% over the past 12 months to trade at $6.61 a share.