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Blackberry stock slips after results are out Street View

Blackberry stock slips after results are out Street View

Shares of BlackBerry Ltd fell in an extended session on Thursday after the cyber security and IoT company took a beating on Wall Street’s expectations.

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Shares were down 1.5% after hours, closing at $5.37 after gaining 0.9% in the regular session.

The company reported a loss of $181 million in the first quarter, or 35 cents per share on a diluted basis, compared to a loss of $62 million, or 11 cents per share, in the year-ago period. Adjusted loss, which did not include stock-based compensation expenses and other items, was 5 cents per share, unchanged from the year-ago quarter.

Revenue declined to $168 million from $174 million in the year-ago quarter.

Analysts polled by FactSet had forecast a loss of 6 cents per share on revenue of $157.1 million.

John Chen, Blackberry Chief Executive and President, said, “The IoT business maintained the momentum of new design wins in the rapidly growing core auto domain, including advanced driver assistance systems and digital cockpits, and a record third consecutive quarter for pre-production revenue.” Gave.” , in a statement. “The cybersecurity business demonstrated solid traction in the market by posting double-digit year-over-year billing growth.”

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Blackberry stock slips after results are out Street View

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