Business InsiderTop News

BlackBerry misses quarterly revenue estimates on virus hit

imageStock Markets11 hours ago (Jun 24, 2020 05:30PM ET)

(C) Reuters.

(Reuters) – Canada’s BlackBerry Ltd (TO:BB) (N:BB) reported quarterly revenue below Wall Street estimates on Wednesday, as weakness in the auto industry due to the COVID-19 crisis squeezed demand for its QNX software for cars.

Significant job losses and shuttered dealerships due to the health crisis have led to a sharp decline in sales of cars, which use the software platform for infotainment and other services.

“BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery”, Chief Executive John Chen said in a statement. U.S.-listed shares of the company were up about 2% after the bell.

Total revenue for the first quarter ended May 31 fell 16.6% to $206 million from a year earlier. Analyst had expected revenue of $214.1 million, according IBES data from Refinitiv.

Net loss widened to $636 million, or $1.14 per share, from $35 million, or 9 cents per share. Net loss includes impairment charge of $594 million related to its Spark reporting unit.

Excluding items, the company reported a profit of 2 cents per share, while analysts were expecting a loss of 2 cents per share.

BlackBerry misses quarterly revenue estimates on virus hit

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!