BlackBerry Limited (BB) stock soared 6.17% in the after-hours trading session at the price of $10.15 after reporting the second-quarter fiscal year 2022 financial results. BlackBerry is a leading global provider of security software and intelligence services to businesses and governments.
BB Second Quarter Fiscal Year 2022 Earnings Reports
On 22nd September 2021, BB published financial results for the second quarter, which ended on 31st August 2021. CEO of BlackBerry, John Chen, remarked that they had achieved higher than expected revenue for all businesses this quarter. Their IoT business unit worked well regardless of pressures from the global chip shortage. Also, the Cyber Security business delivered strong billings and revenue growth. They have appointed Mr. John Giamatteo as their President of Cyber Security. The strong outcomes from the design activity of their QNX products demonstrate their industry leadership position and secular trends. In Cyber Security, they have received third-party approval of the effectiveness of their AI-driven; he concluded.
Second Quarter Fiscal 2022 Financial Summary
BB stock reported total revenue of $175 million for the second fiscal quarter ended 31st August 2021. IoT revenue was $40 million with a gross margin of 83% for the second quarter of fiscal 2022. For the second quarter of fiscal 2022, the company reported Cyber Security revenue of $120 million with a gross margin of 59%. The total GAAP gross margin was 64% for the second quarter ended on 31st August 2021.
BB stock reported an operating loss of $141 million for the second quarter of fiscal 2022. GAAP loss per basic and diluted share was $0.25 for the second quarter ended 31st August 2021. The reported cash, cash equivalents, short-term and long-term investments were $772 million for the second quarter of fiscal 2022. Net cash of $12 million generated from operating activities for the second quarter of fiscal 2022.
Appointment of John Giamatteo
BB stock announced the appointment of Mr. John Giamatteo as the President of its Cyber Security business unit. The allocation will become effective from 4th October 2021. Giamatteo will report to Executive Chairman and CEO John Chen. He will be responsible for business unit strategy, go-to-market, and engineering. Giamatteo has about 30 years of work experience with technology companies. Before this role, he served as President and Chief Revenue Officer of McAfee, where he handled sales, marketing, and customer services. Giamatteo remarked he is excited to be appointed in BlackBerry and leading its Cyber Security business.