BlackBerry Earnings: BB Stock Ticks Higher on Mixed Q1 Results

BlackBerry (NYSE:BB) earnings for the company’s fiscal first quarter of 2021 have BB stock on the move after markets closed on Wednesday. That’s due to it reporting adjusted earnings per share of 2 cents on revenue of $214 million. For comparison, Wall Street was expecting adjusted per-share losses of 1 cent on revenue of $216.8 million.

BlackBerry Earnings: BB Stock Ticks Higher on Mixed Q1 Results
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Here’s a more in-depth breakdown of the most recent BlackBerry earnings report.

  • Adjusted EPS for the quarter is 100% better compared to 1 cent during the same period of the year prior.
  • Revenue for the quarter comes in 16.6% lower than the $247 million reported in its fiscal first quarter of 2019.
  • Operating loss of $645 million is 1691.7% wider year-over-year from $36 million.
  • The BlackBerry earnings report also includes a net loss of $636 million.
  • That’s 17.17% worse than the company’s net loss of $35 million reported for the same time last year.

John Chen, executive chairman and CEO of BlackBerry, said this about the earnings.

“BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery. On the enterprise front, we saw good demand from customers who recognized the necessity for BlackBerry’s security, business continuity, and productivity solutions in an increasingly remote working environment. BlackBerry is capitalizing on the secular trends of securing and connecting endpoints.”

BlackBerry isn’t providing an outlook in its current earnings report. That makes sense with the novel coronavirus causing problems for the economy. This has it following a trend set by many other companies.

BB stock was up slightly after-hours Wednesday but closed out the day down 3.5%.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/06/blackberry-earnings-boost-bb-stock-up/.

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