BlackBerry Sees Q4 Revenue Of $151 Mln, FY23 Revenue Of $656 Mln

BlackBerry Ltd. (BB,BB.TO), a provider of intelligent security software and services, Tuesday said it expects preliminary fourth-quarter total company revenue to be around $151 million, and fiscal 2023 revenue to be around $656 million.

In the fourth quarter, the company projects IoT revenue to be approximately $53 million, Cybersecurity revenue of around $88 million, and Licensing and Other revenue of approximately $10 million.

Cybersecurity billings are expected to increase sequentially for third quarter in a row to approximately $107 million.

BlackBerry said its results in the quarter are expected to include up to $440 million material non-cash, one-time goodwill impairment charge for the Spark reporting unit.

For fiscal 2023, IoT business unit revenue is expected to be around $206 million, representing 16 percent year over year growth and in line with outlook previously provided.

Cybersecurity business unit revenue is expected to be approximately $418 million, lower than previous outlook, primarily due to certain large government deals slipping into fiscal year 2024.

The company said it is currently reviewing its long-term targets for the Cybersecurity business unit and intends to provide revised targets on, or before, its Analyst Day on May 17.

John Chen, Executive Chairman & CEO, BlackBerry, said, "Macro challenges were a key factor for BlackBerry's Cybersecurity business unit this quarter, with elongated sales cycles in government causing some large deals to slip into later quarters. The IoT business unit closed the year strongly, and we expect to deliver year over year revenue growth of approximately 16 percent, in line with outlook. Given the current macro backdrop, BlackBerry's management has taken proactive steps this quarter to both balance investments and manage costs to drive towards profitable growth."

BlackBerry will provide fiscal year 2024 outlook on its upcoming earnings conference call.

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