BlackBerry Plunges 12% on Weak Q2 Preliminary Results
<p><a href='https://financialmodelingprep.com/financial-summary/BB'>BlackBerry (NYSE:BB)</a> witnessed a significant intra-day drop of over 15% today following the release of preliminary second-quarter results that fell short of expectations.</p>
<p>Although analysts had projected second-quarter revenue to reach $150.5 million, BlackBerry indicated that it anticipates reporting sales of $132 million.</p>
<p>Within the IoT (Internet of Things) business unit, revenue is predicted to be approximately $49 million, indicating a sequential growth of 9% compared to the prior quarter. In contrast, revenue for the cybersecurity business unit is expected to be around $80 million, which is lower than anticipated, with the company attributing this to certain large government deals not closing during the quarter.</p>
<p>While BlackBerry reaffirmed its full-year revenue outlook for the Cybersecurity and Licensing units, it revised the outlook for the IoT segments, citing factors such as altered production schedules at certain automakers.</p>
<p>As a result, the full-year revenue outlook for the IoT business unit now falls within the range of $225 million to $240 million.</p>

NYSE:BB