The demand for BlackBerry Ltd.’s QNX automotive software from manufacturers banking on more connected vehicles helped the Canadian company outperform analysts’ expectations for second-quarter sales on Tuesday.
According to BlackBerry, the QNX software is currently present in over 215 million vehicles globally, thanks in large part to the growing popularity of electric cars and connected-vehicle technology.
To its already impressive clientele of BMW, Honda Motor, Mercedes-Benz, and Toyota Motor, the corporation recently welcomed international automakers Ford Motor, General Motors, and Hyundai Motor.
The Internet of Things (IoT) segment, which includes the QNX software, had a slight 28% increase in sales to $51 million during the period under review.
For the three months ended August 31, revenue decreased 4% to $168 million.
According to IBES statistics from Refinitiv, analysts had anticipated $166.7 million on average.
The company’s net loss decreased from $144 million, or 25 cents per share, a year earlier to $54 million, or 10 cents per share, over the three-month period.
