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BlackBerry misses quarterly revenue estimates on virus hit

1 Mins read
imageStock Markets12 hours ago (Jun 24, 2020 05:30PM ET)

(C) Reuters.

(Reuters) – Canada’s BlackBerry Ltd (TO:BB) (N:BB) reported quarterly revenue below Wall Street estimates on Wednesday, as weakness in the auto industry due to the COVID-19 crisis squeezed demand for its QNX software for cars.

Significant job losses and shuttered dealerships due to the health crisis have led to a sharp decline in sales of cars, which use the software platform for infotainment and other services.

“BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery”, Chief Executive John Chen said in a statement. U.S.-listed shares of the company were up about 2% after the bell.

Total revenue for the first quarter ended May 31 fell 16.6% to $206 million from a year earlier. Analyst had expected revenue of $214.1 million, according IBES data from Refinitiv.

Net loss widened to $636 million, or $1.14 per share, from $35 million, or 9 cents per share. Net loss includes impairment charge of $594 million related to its Spark reporting unit.

Excluding items, the company reported a profit of 2 cents per share, while analysts were expecting a loss of 2 cents per share.

BlackBerry misses quarterly revenue estimates on virus hit

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