(Reuters)

Canadian security software supplier BlackBerry Ltd beat Wall Street estimates for quarterly revenue on Thursday (June 24), lifted by a rebound in demand for its QNX operating software and cybersecurity products.

US-listed shares of the company were up 1.3 per cent at US$12.84 in extended trading.

Revenue fell to US$174 million in the first quarter ended May 31 from US$206 million a year earlier, but beat analysts’ average estimate of US$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.

BOOM IN ELECTRIC-VEHICLE SALES

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 US$62 million, or 11 cents per share, from US$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 per cent so far this year.