Could BlackBerry's Q1 Earnings Beat Further Fuel The Stonk Rally?

Canada-based security software company BlackBerry Limited BB, a Reddit-favorite stock, reported first-quarter earnings that matched analysts’ expectations while revenues beat estimates.

What Happened: BlackBerry’s first-quarter net loss narrowed to $62 million, or $0.11 per share, from $315 million or $0.56 per share in the year-ago quarter.

Adjusted loss was $0.05 per share, while revenue fell 17% from the year-ago period to $174 million. Analysts, on average, had expected the company to report an adjusted loss of $0.05 per share on sales of $171.25 million.

See Also: Why This BlackBerry Stock Analyst Sees 'Show Me' Story Ahead Of Q1 Earnings

Why It Matters: BlackBerry is among the so-called stonks — stocks favored by the retail crowd. The stock continues to see high interest on Reddit’s r/WallStreetBets forum and its year-to-date gains stand at 91.25%.

Blackberry’s earnings results appeared to please the company’s supporters, based on the posts on the WSB forum.

A user with the handle u/TexasThrowDown on the WSB forum noted that “BlackBerry isn't a squeeze play, but a long-term value play.”

“BBTO100!!! To the moon and #MARS!,” read another post.

Price Action: BlackBerry shares closed 3.5% lower in Thursday’s regular trading session at $12.68.

Read Next: If You Invested $1,000 In BlackBerry Stock One Year Ago, Here's How Much You'd Have Now

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLong IdeasNewsTrading IdeasCybersecurityRedditShort Squeezestonkswallstreetbets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!