BlackBerry and Cisco sign long-term patent cross-licensing deal
BlackBerry and Cisco plan on continuing to work together. Specific terms of the deal, including the amount of money that BlackBerry is receiving from Cisco, is confidential.
Earlier this morning, BlackBerry reported that it sold 1.1 million handsets during its fiscal first quarter, down sequentially from the 1.6 million units it rang up in the previous three-month period. Despite the drop in device sales, BlackBerry added $50 million in cash to its balance sheet during the quarter. The company now has $3.32 billion in cash on the books. The implication here is that software sales rose by more than enough to make up for the weak hardware showing. Software has been a focus of CEO John Chen, although the executive says that he has no plans to exit the business of hardware production. Chen says BlackBerry handsets introduce companies to BlackBerry's secure software offerings.