BlackBerry NYSE

BlackBerry misses quarterly revenue estimates, net loss of $315million

As usual, BlackBerry included a reconciliation of the non-GAAP financial measures to comparable U.S.

BlackBerry reported reported a $315-million loss and missed quarterly revenue estimates for its fourth-quarter. Quarterly revenue for the company, which reports its results in U.S. currency, was $210 million, down from $282 million a year earlier. BlackBerry also announced adjusted revenue of $215 million, down from $291 million a year earlier.

Excluding items, the company reported a profit of 3 cents per share, in line with analysts’ estimates.

Net loss widened to $315 million, or 56 cents per share, in the fourth quarter from $130 million, or 23 cents per share, a year earlier.

For the full year, BlackBerry had revenue of $919 million on a non-GAAP basis, or $893 million on a GAAP basis.

“This has been an exceptional year to navigate, however we are pleased with QNX’s continued recovery, despite new challenges from the global chip shortage,” BlackBerry CEO John Chen said in a statement.

“QNX now has design wins with 23 of the world’s top 25 electric-vehicle original equipment manufacturers (OEMs), and remains on course to return to a normal revenue run rate by mid-fiscal 2022. 

On a conference call with analysts, the company said that it expects software and services revenue of between $675 million and $715 million, up between 9% and 15%. That does not include license revenue, given the company’s discussions on selling a substantial portion of its patent portfolio.

In announcing results, BlackBerry said that during the quarter the company entered negotiations for an unidentified “North American entity” to buy part of its patent portfolio related to mobile devices, messaging, and wireless networks. The company said that it limited patent-monetization activity in the quarter given those negotiations. BlackBerry said that if that had not been in the case, licensing revenue would have been higher.

As usual, BlackBerry included a reconciliation of the non-GAAP financial measures to comparable U.S. This continued non-GAAP usage by the company will be stopping.

The company anticipates a double-digit billings growth for both cybersecurity and BTS for the fiscal year 2022, resulting in total Software and Services GAAP revenue in the range of $675-715M (+9%-15% Y/Y).

BlackBerry 2021 Q4 Results

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