CEO John Giamatteo said the tech company has made “significant” progress toward splitting its cybersecurity business from its Internet of Things division
Giamatteo did not offer specifics on how many people or sites have been roped up in the cuts to date, but in February, BlackBerry revealed it had shed 200 jobs and exited six of its 36 global office locations.
Giamatteo said Wednesday that he considered the work done so far “a significant achievement” that will deliver US$125 million in total savings.
“I’m proud of how far we’ve come in such a short period of time,” said Giamatteo, who took the helm of BlackBerry in December 2023.
BlackBerry, which reports its financial performance in U.S. dollars, said the results amounted to a loss of seven cents U.S. per share, compared with two cents U.S. per share a year prior.
Its revenue for the period ended May 31 amounted to US$144 million, down from US$373 million a year prior.
Its cybersecurity business was responsible for about US$85 million of the revenue, while its Internet of Things division earned US$53 million and its licensing segment US$6 million.
Giamatteo said he considered the results a sign that “our strategy is working” and the business is well-prepared for its forthcoming division.
However, he conceded the company isn’t ready to sit back and relax just yet.
“We still have a lot of work to do,” he said. “We know that, but we do believe our strategy is starting to deliver results.”
Looking forward, BlackBerry expects its revenue to land somewhere between US$136 million and US$144 million next quarter. By the time its current fiscal year wraps, it anticipates full-year revenue to have hit between US$586 million and US$616 million.