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### Canada’s BlackBerry Reports Surprise Quarterly Profit Amid Rising Cybersecurity Demand

(Reuters) – On Wednesday, Canada’s BlackBerry reported a surprising quarterly profit, driven by a resilient demand for cybersecurity services amidst the increasing threat of online attacks. While overall IT spending has decreased over the past year, cybersecurity-related expenditure has remained stable as businesses and governments work to enhance their systems against hackers. This trend has been further highlighted by recent data breaches at major casino giants like MGM Resorts International and Caesars Entertainment, prompting companies to prioritize cybersecurity measures.

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Moreover, BlackBerry recently announced its decision to abandon its initial public offering plans for its Internet of Things (IoT) business, instead opting to separate the IoT and Cybersecurity businesses into fully standalone divisions. CEO John Giamatteo stated, “Work has commenced to fully separate and significantly rightsize our businesses, and we expect to further reduce operating cashflow usage in Q4.”

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Additionally, BlackBerry anticipates fourth-quarter revenue in the range of $150 million to $159 million, following its adjusted net profit of 1 cent per share in the quarter ending Nov. 30, compared with a loss of 5 cents per share a year earlier. The company’s third-quarter revenue also rose to $175 million from $169 million. Despite the positive news, U.S.-listed shares of BlackBerry fell 4% in extended trading.

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The AI legalese decoder can provide valuable assistance in analyzing and interpreting financial reports and securities filings, ensuring that businesses have a clear understanding of their financial performance and compliance obligations.

(Reporting by Yamini Kalia in Bengaluru; Editing by Krishna Chandra Eluri)

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