BlackBerry (NYSE:BB) stock is taking a beating on Friday despite the company reporting solid earnings for its fiscal first quarter of 2022.
Image of the BlackBerry logo on the side of a building.
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The BlackBerry earnings report saw the company bringing in adjusted losses per share of 5 cents. That’s a negative switch compared to its adjusted earnings per share of 1 cent from the same time last year. However, it was still able to match Wall Street’s estimate for the quarter.
Next up is BlackBerry’s revenue of $174 million. Yet again, this is a drop compared to the company’s revenue of $201 million reported in its fiscal first quarter of 2021. Even so, the company’s revenue is still better than analysts’ estimates of $171.3 million.
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John Chen, executive chairman and CEO of BlackBerry, also spoke during the company’s earnings call. He took time to discuss its outlook for the year, which includes its Internet of Things (IOT) and auto businesses. A segment of that is collected below from The Motely Fool.
“Generally speaking, Q2 appears to be a low point with Q3 improving and Q4 further slow. The impact also looks to be smaller than that of the pandemic last year. So currently, we don’t see a need to change our revenue outlook for the year, but we will continue to assess the impact with our customer, and we’ll update you again next quarter. Just as a reminder, our IoT revenue outlook remains at $180 million to $200 million for the fiscal year.”
BB stock was down 6% as of Friday afternoon ut is up 81% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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