BlackBerry net income/loss 2009-2024

In the 2024 fiscal year, BlackBerry had a net loss of 130 million U.S. dollars, down from a net loss amounting to 734 million U.S. dollars the previous year. Over the past five years, the company has worked on consistently lowering its net losses from 2014’s record loss of -5.8 billion U.S. dollars by strongly pushing to remake its business model. The company has moved away from being a hardware phone manufacturer to becoming an enterprise software and IoT provider in the midst of the age of digitalization.

Streamlining towards cyber security

Taking a cue from its history of valuing security and privacy, BlackBerry centered security in its business strategy and transitioned from hardware to software. Under the direction of current CEO John Chen, BlackBerry has refocused into a B2B software company embedded in what they term EoT, the market of IoT for enterprises, and providing security solutions. Some of BlackBerry’s new products focus on securitizing voice and document management services, as well as product integration consulting. A significant portion of BlackBerry’s strategic change of the company’s business model was purchasing cybersecurity start-up Cylance in February 2019 for 1.4 billion U.S. dollars, which provides artificial intelligence based security solutions to more than 3,500 businesses.