Heaptalk, Jakarta — Amid the rampant cyber attacks in Indonesia, Blackberry announced its resurgence by transitioning from smartphones to cybersecurity software, which enhanced its Q1 revenue.
“Our quarterly revenue reached US$144 million, exceeding the average analyst estimate of US$134.1 million according to LSEG data,” Blackberry said.
Blackberry also mentioned that high-profile hacking incidents have forced companies and government institutions to increase their cybersecurity spending to protect data from hackers and malware, thereby boosting demand for cybersecurity firms like this tech corporation.
This electronic brand also reported a net loss of 3 cents per share for the quarter ending May 31, 2024, which is smaller than the analysts’ benchmark of 4 cents per share.
The company predicts a second-quarter 2024 revenue of US$136-144 million. Specifically, Blackberry targets revenue between US$82-86 million in the cybersecurity division. This prediction emerged after Blackberry’s stock jumped 7.2% following its impressive performance report.
Blackberry also expressed concern about the ransomware attack on the Interim National Data Center (PDNS). The company said it is possible that the Indonesian Government could use its products to prevent further hacking by other computer viruses. Following the matter, the company plans to return to Indonesia and offer its software.
“We are concerned about the incident in Indonesia. We hope this issue can be resolved quickly so that services can return to normal. Hopefully, we can partner with the Indonesian government,” concluded The waterloo-based company.
