Should you explore BlackBerry (TSX: BB) after latest earnings report?

September 30, 2022 07:07 AM EDT | By Team Kalkine Media
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  • As of September 29, 2022, the sector was down by 40.66 per cent year-to-date. 
  • As of writing, BlackBerry had a total market capitalization of C$ 3.95 billion.
  • In August, NETA AUTO selected BlackBerry QNX technology to power its sports sedan NETA S.

The TSX tech sector is one of the important constituents of the Canadian market. However, it underwent a correction because of the market volatility caused by higher interest rates, inflation, and other macroeconomic factors.

As of September 29, 2022, the sector was down by 40.66 per cent year-to-date (YTD) and 1.4 per cent quarter-to-date (QTD).

Amidst this, BlackBerry Limited announced its Q2 Fiscal year 2022 financial results. Let us look at the performance of the company and explore its financials.

Here’s how BlackBerry Limited (TSX: BB) performed

BlackBerry Limited is a software provider focusing on embedded systems, endpoint security management and encryption. The company operates on end-to-end secure communication for entities.

As of writing, BlackBerry had a total market capitalization of C$ 3.95 billion. The cash and cash equivalents for the company increased from US$ 378 million on February 28, 2022, to US$ 431 million on August 31, 2022.

On the contrary, revenue saw a decline and was reported at US$ 168 million as of August 31, 2022, as against US$ 175 million at the same time of the previous year.

The assets for BlackBerry Limited witnessed a decline and were reported at US$ 2.38 billion as of August 31, 2022. Additionally, the liabilities witnessed an increase and were reported at US$ 1.05 billion as compared to US$ 1.01 billion as of February 28, 2022.

Looking at different segments, the Internet of Things (IoT) witnessed an increase in revenue, which was calculated at US$ 51 million. Reportedly, the increase in IoT revenue was primarily due to an increase in the revenue of BlackBerry QNX development seat, BlackBerry QNX royalty and an increase in professional services.

Considering the other segments, Cybersecurity and Licensing and others witnessed a decrease in revenue within six months.

BlackBerry Limited has associated with several brands this year. On July 6, 2022, CARIAD (Volkswagen Group's software company) selected BlackBerry QNX technology for VW.OS (CARIAD’s software platform).

In August, NETA AUTO selected BlackBerry QNX technology to power its sports sedan NETA S.

On September 28, 2022, Dayin Technology selected Blackberry Limited for its Acoustics Technology.

Bottom Line

With the new quarter financial results, BlackBerry Limited has reportedly shown a decrease overall except an increase in its IoT sector.

Considering the current trends in the IoT, businesses appear to be exploring it to get greater control, data logging, analytics, and efficiency. While BlackBerry is trying to position itself in the IoT market, there is already fierce competition present in the market.

As an investor, keep a close watch on the company's financials and be vigilant about the daily movements. Also, look for the factors that govern the overall market apart from the specific factors. Before investing, your prerogative is to look at the stock carefully and be aware of the latest fluctuations.

Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.


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