Blackberry software and services revenues up 18% in Q1 2019 results
Ontario-based technology company Blackberry has announced that it total software and services revenue grew 18% year-over-year to $189mn, as shown by the company’s latest Q1 2019 financial year results.
The earnings report exceeded analysts’ estimates, resulting in the company’s shares rising 2.6% in premarket trading.
Blackberry has transformed its operations in recent years, moving away from its hardware smartphones business into new markets, now describing itself as “an enterprise software and services company focused on securing and managing IoT endpoints”.
Further, Blackberry is increasingly looking to grasp a larger portion of the automotive software and services market, having worked closely with the likes of Jaguar, Baidu and Qualcomm in recent times following the launch of its QNX operating system.
“I am pleased that BlackBerry QNX software is now embedded in over 120 million automobiles worldwide, doubling the install base in the last three years,” said John Chen, Chairman and CEO of Blackberry. “We are very excited about the opportunities ahead of us in automobiles and in other EoT verticals.”
In the wake of latest results, Blackberry has forecast that its free cash flow will remain positive for the remainder of the year.
Further, the company expects that its software and services revenue will continue to grow between 8-10% during the 2019 financial calendar.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.