INTERNATIONAL - Canadian software maker BlackBerry Ltd on Wednesday beat analysts’ expectations for quarterly revenue, as it benefited from its recent $1.4 billion bet on cybersecurity firm Cylance.
BlackBerry in February completed its acquisition of California-based Cylance, whose software uses machine learning to preempt security breaches.
In the first quarter, adjusted revenue from Cylance was $51 million, above the average analyst estimate of $48.8 million.
Waterloo, Ontario-based BlackBerry, once known for its phones, has pivoted to selling software such as those used in mobiles and by automakers, and more recently supplying technology to companies developing driverless cars.
BlackBerry’s adjusted revenue rose 23 percent to $267 million in the quarter, beating estimates of $265 million, according to IBES data from Refinitiv.