Earnings Results: Blackberry stock slips even as results come in above expectations
BlackBerry Ltd. shares slipped in the extended session Tuesday even after the cybersecurity and Internet-of-Things company’s results exceeded the Wall Street consensus.
The company reported a second-quarter loss of $54 million, or a loss of 10 cents a share on a diluted basis, compared with a loss of $144 million, or a loss of 25 cents a share, in the year-ago period. The adjusted loss, which excluded stock-based compensation expenses and other items, was 5 cents a share basic, as the company did not provide a diluted per-share figure.
Revenue declined to $168 million from $175 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 7 cents a share on revenue of $162.4 million.
“This was a solid second quarter for BlackBerry, where we delivered both revenue in line with, and EPS ahead of, expectations,” said John Chen, BlackBerry’s chief executive and chairman, in a statement. “Our IoT business continues to gain market share, and design-phase revenue remained at near-record levels.”