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Jun 23, 2022

Blackberry posts US$181M net loss in Q1 after lawsuit settlement

Kim Bolton discusses BlackBerry Ltd

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BlackBerry Ltd. says its net loss tripled in the first quarter to US$181 million primarily due to the settlement of a 2013 shareholder class action lawsuit over its BlackBerry 10 smartphones.

The Waterloo, Ont., company says it lost 31 cents per diluted share, compared with a loss of 11 cents per share or US$62 million a year earlier.

Excluding one-time items, including the US$165-million legal settlement, it lost US$31 million or five cents per share, compared with a loss of US$27 million or five cents per share in the prior year.

BlackBerry, which reports in U.S. dollars, says revenue for the three months ended May 31 dipped to US$168 million from US$174 million in the first quarter of 2021.

The company was expected to report a loss of 13 cents per share and adjusted loss of five cents per share on US$160.7 million of revenues, according to financial data firm Refinitiv.

BlackBerry reached a settlement in April to the lawsuit alleging it defrauded shareholders by making misleading claims about its BlackBerry 10 smartphones.

"Our performance demonstrates that our operational plans to achieve those goals are starting to deliver results," executive chairman and CEO John Chen said in a news release.

Internet of things revenue increased 19 per cent to US$51 million, while cybersecurity revenue rose six per cent to US$113 million.

On Wednesday, 55.8 per cent of BlackBerry shareholders rejected the company's executive compensation proposal.