July 5, 2022

News of the Trade

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Blackberry stock slips after results top Street view

BlackBerry Ltd. shares ticked lower in the extended session Thursday after the cybersecurity and IoT company posted a slight beat to Wall Street expectations.

BlackBerry 
BB,
+0.94%
shares declined 1.5% after hours, following a 0.9% rise in the regular session to close at $5.37.

The company reported a first-quarter loss of $181 million, or a loss of 35 cents a share on a diluted basis, compared with a loss of $62 million, or a loss of 11 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, unchanged from the year-ago quarter.

Revenue declined to $168 million from $174 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a loss of 6 cents a share on revenue of $157.1 million.

“The IoT business maintained its momentum of new design wins in rapidly growing core Auto domains, including Advanced Driver Assistance Systems and Digital Cockpits, and delivered a third consecutive record quarter for pre-production revenues,” said John Chen, BlackBerry chief executive and chairman, in a statement. “The Cybersecurity business demonstrated solid traction in the market by recording double-digit year-over-year billings growth.”