BlackBerry misses revenue estimates, lowers outlook
Sep 24, 2019 12:26
Canada's BlackBerry Ltd (TO:) (N:) on Tuesday cut the top end of its 2020 revenue forecast and posted lower-than-expected quarterly revenue, hit by weak demand for its software from companies and government agencies amid increasing competition.
U.S.-listed shares of the company fell nearly 12% before the bell.
Once known for its phones, BlackBerry has pivoted to selling software such as those used in mobiles and by automakers, hoping to find a more stable source of revenue.
The company said it now expects current-year revenue to rise between 23% and 25%, compared to its earlier forecast of 23%-27%.
Waterloo, Ontario-based BlackBerry said net loss was $44 million in the second quarter ended Aug. 31, compared with a profit of $43 million a year earlier.
On a per share adjusted basis, the company broke even, in line with analysts' expectations.
Adjusted revenue rose about 22% to $261 million (209.10 million pounds)
, missing estimates of $266 million, according to IBES data from Refinitiv.