BlackBerry raises annual revenue forecast on robust demand for cybersecurity services
FILE PHOTO: The Blackberry logo is shown on a office tower in Irvine, California, U.S., October 20, 2020. REUTERS/Mike Blake/File Photo
(Reuters) -Canada's BlackBerry raised its annual revenue forecast on Tuesday, anticipating steady demand for its cybersecurity services amid growing online crimes, sending the company's U.S.-listed shares up 6% after the bell.
A rise in cybercrimes and hacks has spurred companies to invest heavily in cybersecurity, benefiting firms such as BlackBerry that provide security services.
Cybersecurity remains largely insulated from broader spending volatility and is likely to continue as a top investment priority for customers, analysts have said.
BlackBerry now sees fiscal year 2026 revenue in the range of $508 million to $538 million, up from its earlier forecast of $504 million to $534 million.
The company also raised annual revenue forecast for its secure communications segment, which provides intelligent security software to enterprises and governments.
It expects revenue between $234 million and $244 million for the unit, from its prior forecast of $230 million to $240 million.
The Waterloo-based company's revenue for the quarter ended May 31 stood at $121.7 million, below $123.4 million reported last year.
Revenue in its QNX business rose 8.1% year-on-year to $57.5 million, while revenue from its secure communications unit fell 7.3% to $59.5 million in the first quarter.
(Reporting by Juby Babu in Mexico City; Editing by Mohammed Safi Shamsi)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
an hour ago
- The Star
Oil prices steadies at the weekend after report of planned OPEC+ August output hike
SINGAPORE (Reuters): Oil prices edged up slightly on Friday evening, recovering from a midday drop into negative territory following a report that OPEC+ was planning to hike production in August, but tumbled about 12% in the week in their biggest drop since March 2023. Brent crude futures settled at US$67.77 a barrel, up 4 cents, or 0.1%. US West Texas Intermediate crude finished up 28 cents, or 0.4%, at US$65.52 a barrel. Four delegates from OPEC+, which includes allies of the Organization of the Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day in August, following a similar-size output increase already planned for July. "The report about an OPEC increase came out and prices cratered," said Phil Flynn, senior market analyst with Price Futures Group, about the midday slide. Crude prices were already headed for a 12% decline for the week following the cease-fire between Israel and Iran. During the 12-day war that started after Israel targeted Iran's nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after U.S. President Donald Trump announced an Iran-Israel ceasefire. "The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market," said Rystad analyst Janiv Shah. Flynn said expectations of higher demand in the coming months gave crude a boost earlier on Friday. "We're getting a demand premium on oil," Flynn said. Prices had also been supported earlier in Friday's session by multiple oil inventory reports that showed strong draws in middle distillates, said Tamas Varga, a PVM Oil Associates analyst. U.S. government data on Wednesday showed crude oil and fuel inventories fell last week, with refining activity and demand rising. Meanwhile, data on Thursday showed that independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell to their lowest in over a year, while Singapore's middle distillates inventories declined as net exports climbed week on week. Additionally, China's Iranian oil imports surged in June as shipments accelerated before the Israel-Iran conflict and demand from independent refineries improved, analysts said. China is the world's top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm's data. The U.S. oil and natural gas rig count, an early indicator of future output, fell for a fourth straight month to its lowest since October 2021, Baker Hughes said. The number of oil rigs fell by six to 432 this week, also the lowest level since October 2021. (Reporting by Erwin Seba in Houston, Siyi Liu in Singapore and Nicole Jao in New York; Editing by Marguerita Choy and Emelia Sithole-Matarise) - Reuters
The Star
an hour ago
- The Star
Flood-hit China expands social security net as extreme rain takes toll
Guizhou was the focus of China's flood alleviation efforts this week, with one of its cities hit by flooding on a scale that meteorologists said could only happen once in 50 years. -- PHOTO: REUTERS BEIJING (Reuters): China has expanded the economic safeguards for segments of its population affected by flood control schemes in times of extreme rainfall, including pledges of direct compensation from the central government and payments for livestock losses. In China, diverting flood-waters to areas next to rivers is a major step in managing downstream flooding. As extreme rainfall grows in frequency, China is increasingly utilising such areas, some of which have been unused until now and have been populated by farms, croplands and even residential buildings, stoking social tensions. According to revised rules on compensation related to flood diversions released late on Friday, the central government will now bear 70% of all compensation funds, with local governments responsible for the rest. Previously, the ratio was to be decided based on actual economic losses and the fiscal situation of local governments. Livestock and poultry that cannot be relocated in time before the arrival of diverted flood-waters will also be included in the compensation scheme for the first time. Previously, only the loss of working animals could be claimed for compensation. In the summer of 2023, almost 1 million people in Hebei, a province on the doorstep of Beijing, were relocated after record rain forced authorities to divert water from swollen rivers to some populated areas for storage, triggering anger over the homes and farms sacrificed to save the Chinese capital. China currently has 98 designated flood diversion areas spanning major river basins including the Yangtze River basin, home to a third of the country's population. During the 2023 Hebei floods, eight flood storage areas were used. Since the start of the East Asia monsoon in early June, precipitation in the middle and lower reaches of the Yangtze has been up to two times higher than usual, officials from the China Meterological Administration told reporters on Friday. In other parts of China, daily rainfall measured by 30 meteorological stations in provinces such as Hubei and Guizhou broke records for the month of June, they said. Guizhou was the focal point of China's flood alleviation efforts this week, with one of its cities hit by flooding on a scale that meteorologists said could only happen once in 50 years, and at a speed that shocked its 300,000 residents. That prompted Beijing to issue pledges on Thursday to move vulnerable populations and industries to low-flood areas and allocate more space for flood diversion. (Reporting by Ryan Woo; Editing by Kim Coghill) - Reuters
Daily Express
2 hours ago
- Daily Express
Borneo key in Indonesia's nuclear push
Published on: Saturday, June 28, 2025 Published on: Sat, Jun 28, 2025 Text Size: For illustrative purposes via Unsplash Indonesia has taken a major step toward building its first commercial nuclear power plant, with PT Thorcon Power Indonesia submitting licensing documents for a molten salt reactor (MSR) project on Kelasa Island, Central Bangka. Thorcon, a Singapore-based company, aims to deploy a 500 MW MSR prototype, eventually expanding to local manufacturing. The plant is based on U.S.-developed technology using thorium, a metal more abundant than uranium and with high energy potential. Indonesia sees nuclear as key to its net-zero goals, with the International Energy Agency estimating nuclear could contribute 5 percent to its 2050 emissions cuts, according to NucNet . Borneo figures prominently in this vision. A U.S.-backed small modular reactor (SMR) site has been identified in West Kalimantan, while Danish and Indonesian firms plan a Borneo-based SMR facility to produce low-emission ammonia. Russia has also expressed interest in collaborating on nuclear projects, including floating reactors suitable for the archipelagic nation. Indonesia expects nuclear energy to enter the national grid before 2040. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
