BlackBerry Ltd. swung to a loss and reported lower revenue in the latest quarter.
The security software and services provider swung to a loss of $4 million, or a loss of 9 cents a share, for the third quarter ended Nov. 30, from net income of $74 million, or a loss of 5 cents a share. Analysts polled by FactSet expected a loss of 9 cents a share.
Revenue declined to $169 million from $184 million. Analysts polled by FactSet expected $164.1 million.
IoT revenue increased 19% to $51 million from a year earlier while cybersecurity revenue was $106 million in the quarter, the company said.
“Churn improved and there was further evidence that investments in go-to-market and the product portfolio will drive further sequential improvements and progress toward a return to ARR growth next fiscal year,” said Chief Executive John Chen.