Update: BlackBerry Reverses Some Of Its Early Losses Following Q4, Shares Still Lower By 5%

by Jayson Derrick

April 1, 2016 11:39 AM | 1 min read | Make a Comment

Shares of

BlackBerry Ltd

BBRY

were under heavy selling pressure on Friday after the company disappointed investors with its

fourth quarter print. BlackBerry said that it lost $0.03 per share in the fourth quarter on revenue of $487 million. Wall Street analysts were expecting the company to lose $0.10 per share on revenue of $563 million. Net loss for the quarter worsened to $238 million from a net income of $28 million in the same quarter a year ago with most of the losses attributed to costs related to acquisitions and restructuring. BlackBerry noted that its cash, cash-equivalents and investments totaled $2.62 billion at the end of the quarter, marking $6 million of positive free cash flow and $36 million that was used to repurchase 5 million shares. "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," said Executive Chairman and Chief Executive Officer John Chen. "We have clearly gained traction and market share in enterprise software. We more than doubled our software and licensing revenue in Q4 and exceeded our target of $500 million for the full year. Looking to FY 2017, 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," Shares of BlackBerry opened for trading at $7.41 on Friday after closing at $8.09 on Thursday. After hitting an intra-day low of $7.36, shares slightly rebounded and were trading lower by 5.44 percent on the day at $7.65 heading into the afternoon's trading session.

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Posted In: Earnings News Blackberry BlackBerry Earnings john chen

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