Surprise-surprise from a tech company, which not-so-long-ago was considered the industry’s living corpse. BlackBerry Limited announced late yesterday, on June 28, that its revenue soared 122% YoY to $373 million in Q1 fiscal 2024. Diluted loss per share shrank from $0.35 at the beginning of the previous fiscal year to $0.02 recorded in the quarter ended on May 31, 2023. In addition, operating loss of the Canadian software company reduced from $177 million to $11 million. Hence, the published quarterly report represented an earnings surprise of 220%.

By sector, BlackBerry unveiled its IOT, Internet of Thing’s, revenue came in at $45 million, cybersecurity revenue of $122 million and licensing and ongoing royalties' revenue of $235 million. The “other revenue” figure was high thanks to BlackBerry raising $218 million through the sale of some of its patents.

“This quarter, we delivered sequential revenue growth in our Cybersecurity business unit. Revenue growth was driven by a YoY increase in billings and pipeline, anchored on strength in our core verticals, particularly government... We continue to expect to achieve revenue consensus for both our IoT [Internet of Things] and Cybersecurity business units this fiscal year,” Executive Chair and CEO John Chen said during the company’s conference call.

BlackBerry shares have added about 55% year-to-date vs. the S&P 500's gain of 14%.