BlackBerry Ltd (NYSE:BB) shares rose over 6% in the after-hours trading on Wednesday after the company beat quarterly revenue expectations.

What Happened: BlackBerry’s second-quarter earnings per share came in at a negative $0.06, which beat the estimated EPS of negative $0.07.

See Also: How To Buy BlackBerry (BB) Shares

The Canadian company’s net loss rose to $144 million from $23 million on a year-over-year basis.

On Wednesday, BlackBerry shares rose 6.17% to $10.15 in the after-hours trading after closing 2.03% higher in the regular session at $9.56.

On a quarterly basis, revenue declined to $175 million from $259 million a year earlier but beat expectations of $163 million.

Why It Matters: BlackBerry is benefitting from an increase in demand for cybersecurity and Internet of Things products as more businesses and governments adopt cloud-based solutions in order to support hybrid working.

See Also: Options Traders Eye Further Upside For BlackBerry

The company has appointed former McAfee Corp. (NASDAQ:MCFE) executive John Giamatteo as the President of its cybersecurity business.

BlackBerry was the third most mentioned name on r/WallStreetBets, as per Quiver Quantitative data.

Read Next: Tesla Rival Lucid Joins Top WallStreetBets Interests Alongside IronNet, GameStop, AMC

Photo: Courtesy of BlackBerry