After-Hours Alert: Why BlackBerry Stock Is Moving

After-Hours Alert: Why BlackBerry Stock Is Moving

BlackBerry Ltd BB shares are volatile in Tuesday's after-hours session after the company reported mixed financial results.

BlackBerry reported second-quarter revenue of $168 million, which missed average analyst estimates of $177.25 million, according to Benzinga Pro. IoT revenue totaled $51 million in the second quarter, up 28% year-over-year. Cybersecurity revenue reached $111 million in the quarter, down 8% year-over-year.

BlackBerry reported a quarterly net loss of 5 cents per share, which beat average estimates for a loss of 7 cents per share.

"Our IoT business continues to gain market share, and design-phase revenue remained at near-record levels," said John Chen, executive chairman and CEO of BlackBerry.

"We're executing on our plan and we're seeing the decisions made in recent quarters starting to pay off, with Cybersecurity ARR expected to resume growth early next fiscal year," Chen added.

BlackBerry ended the quarter with $699 million in cash and equivalents. The company said it will discuss its outlook for fiscal year 2023 on its conference call, which is scheduled for 5:30 p.m. ET.

BlackBerry provides intelligent security software and services to enterprises and governments around the world.

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BB Price Action: BlackBerry has a 52-week high of $12.39 and a 52-week low of $4.70.

The stock was down 2.75% after-hours at $5.09 at time of publication Tuesday.

Photo: Courtesy of BlackBerry.

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