Scalper1 News
Deep in a turnaround effort that aims to slow its sinking revenue growth and return it to profitability, BlackBerry ( BBRY ) turned in mixed results Friday morning that sent its stock crashing. The provider of smartphones and security software reported revenue of $464 million for its fiscal Q4 ended Feb. 29, down 30% from the year-earlier quarter and missing the consensus estimate of $563.2 million. But it reported a per-share loss minus items of 3 centers where analysts polled by Thomson Reuters expected a 10-cent loss. BlackBerry stock was down more than 7%, near 7.50, in early trading in the stock market today . BlackBerry stock is down 19% in 2016 so far. The company, however, said that its software and services revenue rose 106% to $153 million, exceeding its estimates. “Overall, BlackBerry’s Q4 performance was solid as we made progress on the key elements of our strategy, which are to grow software faster than the mobility software market, achieve device profitability and generate positive free cash flow,” CEO John Chen said in the company’s earnings release. “Our strategy is on track and our growth engines are in place to continue to generate above-market growth in software and achieve our profitability objectives.” The smartphone maker that once dominated the field prior to the Apple ( AAPL ) iPhone, followed by Android from Alphabet ( GOOGL ), is pivoting to other areas. BlackBerry has made several acquisitions in the last two years, among them its $425 million purchase of Good Technology. The deal widely expanded BlackBerry’s security software platform to other smartphones and operating systems. Scalper1 News
Scalper1 News