BlackBerry Ltd (NYSE:BB) shares are trading lower Thursday after the company reported preliminary second-quarter results. 

What Happened: BlackBerry said it expects second-quarter revenue to be approximately $132 million. IoT revenue is expected to come in at $49 million and licensing and other revenue is expected to be around $3 million. Cybersecurity revenue is expected to total approximately $80 million, which is lower than previously forecasted, primarily due to select government deals failing to close during the quarter. 

Due to a shift in the start date for some automakers' software development programs, the company revised its current year IoT revenue outlook. BlackBerry now expects full-year IoT revenue to be in the range of $225 million to $240 million. 

BlackBerry will hold a conference call to discuss the quarter on Sept. 28. 

Following the company's preliminary quarterly results, RBC Capital analyst Paul Treiber reiterated BlackBerry with a Sector Perform rating and price target of $4.50.

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BB Price Action: BlackBerry shares were down 11.9% at $4.89 at the time of publication, according to Benzinga Pro.

Photo: courtesy of BlackBerry.