The Blackberry logo is seen on a smartphone in front of a displayed stock graph in this illustration taken February 5, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
June 24 (Reuters) - Canadian security software supplier Blackberry Ltd (BB.TO), beat Wall Street estimates for quarterly revenue on Thursday, lifted by a rebound in demand for its QNX operating software and cybersecurity products.
U.S.-listed shares of the company were up 1.3% at $12.84 in extended trading.
Revenue fell to $174 million in the first quarter ended May 31 from $206 million a year earlier, but beat analysts' average estimate of $171.25 million, according to Refinitiv-IBES data.
Demand for cybersecurity services have been on the rise as businesses increasingly migrate to cloud-based computing to support remote work during the COVID-19 pandemic.
A boom in electric-vehicle sales has also bolstered demand for BlackBerry's QNX software, primarily used in cars.
Net loss in the quarter narrowed to $62 million, or 11 cents per share, from $636 million, or $1.14 cents per share, a year earlier.
The company was also one of the "meme stocks" that received major attention from investors after a social-media driven retail short-squeeze frenzy. BlackBerry's shares are up over 90% so far this year.
Reporting by Eva Mathews and Niket Nishant in Bengaluru; Editing by Ramakrishnan M.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.