BlackBerry Ltd (NYSE: BB) shares are trading lower Wednesday after the company reported mixed financial results. Multiple analysts also cut price targets on the stock following the company's quarterly report.
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. The company ended the quarter with $699 million in cash and equivalents.
"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," said John Chen, executive chairman and CEO of BlackBerry.
Analyst Assessment:
- RBC Capital analyst Paul Treiber maintained BlackBerry with a Sector Perform rating and lowered the price target from $6.50 to $6.
- Canaccord Genuity analyst Michael Walkley maintained BlackBerry with a Hold rating and lowered the price target from $6 to $5.
BB Price Action: BlackBerry has a 52-week high of $12.39 and a 52-week low of $4.70.
The stock was down 1.96% at $4.99 at time of publication.
Photo: courtesy of BlackBerry.
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