Proactive Investors - BlackBerry Ltd (TSX:BB) has said it broke even during the second quarter on the back of a jump in cybersecurity and internet of things (IoT) revenue.
Adjusted earnings climbed by US$23 million to see the figure break even, BlackBerry said overnight, following a loss in the second quarter of last year.
This came as revenue exceeded expectations over the quarter, climbing by 10% to US$145 million, against anticipations for US$140 million.
Analysts had been expecting a US$0.03 per share loss, with BlackBerry noting improvement came on the back of double-digit cybersecurity and IoT growth, alongside restructuring efforts.
Chief executive John J. Giamatteo commented the results marked a “significant milestone on our path to profitability,” as operating cash burn dipped by 24% over the quarter to US$13 million.
BlackBerry added revenue was expected to sit between US$146 and US$154 million for the third quarter and stretch to as high as US$616 million over the full year.
Adjusted earnings were guided to sit between breakeven and US$10 million over the coming quarter and for the year.