Earnings Results: Blackberry stock slips even as results come in above expectations

This post was originally published on this site

BlackBerry Ltd. shares slipped in the extended session Tuesday even after the cybersecurity and Internet-of-Things company’s results exceeded the Wall Street consensus.

BlackBerry
BB,
+2.41%

shares declined 2% after hours, following a 2.4% rise in the regular session to close at $5.09.

The company reported a second-quarter loss of $54 million, or a loss of 10 cents a share on a diluted basis, compared with a loss of $144 million, or a loss of 25 cents a share, in the year-ago period. The adjusted loss, which excluded stock-based compensation expenses and other items, was 5 cents a share basic, as the company did not provide a diluted per-share figure.

Revenue declined to $168 million from $175 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast a loss of 7 cents a share on revenue of $162.4 million.

“This was a solid second quarter for BlackBerry, where we delivered both revenue in line with, and EPS ahead of, expectations,” said John Chen, BlackBerry’s chief executive and chairman, in a statement. “Our IoT business continues to gain market share, and design-phase revenue remained at near-record levels.”