BlackBerry Sees Q2 Revenue Below View; Stock Down

(RTTNews) - BlackBerry Limited (BB, BB.TO) said it expects preliminary revenue for second quarter fiscal year 2024 to be about $132 million. Analysts polled by Thomson Reuters expect the company to report revenues of $156.85 million for the second quarter. Analysts' estimates typically exclude special items.

BB closed Wednesday's regular trading at $5.54 down $0.04 or 0.72%. In the after-hours trading the stock further dropped $0.44 or 7.93%.

IoT business unit revenue for the second quarter is expected to be approximately $49 million, representing 9% sequential growth.

Cybersecurity business unit revenue for the quarter is expected to be approximately $80 million, lower than expected, primarily due to certain large government deals not closing in the quarter.

The company expects Licensing and Other business unit revenue for the second quarter to be about $3 million.

BlackBerry reiterated its full-year revenue guidance for both Cybersecurity and Licensing and Other. But the company adjusted full-year revenue outlook for the IoT business unit to reflect factors including revised production schedules at certain automakers.

The full-year revenue outlook for the IoT business unit is expected to be in the range of $225 million to $240 million.

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