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In a report published Friday, Wells Fargo analyst Maynard Um commented briefly following BlackBerry Ltd (NASDAQ: BBRY)'s fourth quarter results.
According to Um, BlackBerry's revenue of $660 million was below his expectations of $721 million and "well below" the Street's estimate of $792 million. Non-GAAP earnings per share of $0.04 was higher than the his expectations of a $0.05 loss while free cash flow (excluding the impact of foreign exchange) was $180 million – higher than the $54.6 million expected.
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A full recap of BlackBerry's earnings can be seen here while a recap of the post-earnings conference call can be seen here.
Um noted that despite a better than expected free cash flow (which was aided by lower operating expenditure and the sale of Rockstar for $115 million), BES12 does not appear to be showing signs of a "clear ramp," which is likely to be viewed as "disappointing."
The analyst continued that a potential sale of the company is less likely in the near-term and BlackBerry will look at other strategic alternatives including further restructuring, potential divestitures and aggressively target multi-platform strategies. However, upside risk could come from a potential strategic action.
Shares remain Market Weight rated with a valuation range of $9.50 to $10.50.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.