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Why BlackBerry Stock fell 18.1% in March




What happened

Actions of Blackberry (NYSE: BB) fell 18.1% in March, according to data from S&P Global Market Intelligence. The stock had made big gains at the start of the year on short-term momentum, but the company’s valuation slipped last month amid weaker-than-expected quarterly results and widespread sales for tech companies. dependent on growth.

BlackBerry released its fourth quarter results on March 30, and the report was missed on several fronts. Sales fell about 25% year-over-year to $ 215 million on a non-GAAP (adjusted) basis, while analysts’ average estimate predicted revenue of $ 245 million. dollars over the period. The company’s adjusted earnings per share came in at $ 0.03, which was in line with expectations, but its GAAP loss of $ 0.56 per share was much worse than the target of $ 0.03 per share. suggested by analysts’ average estimate.

A man looking at computers in a BlackBerry network center.

Image source: BlackBerry.

So what

BlackBerry attributed part of its large fourth quarter shortfall to its continued partial sale of its mobile device, messaging and wireless network patenting business to a North American-based limited company. BlackBerry said the sales initiative caused it to relax sales and marketing activities that would otherwise have boosted revenue in the quarter, but the results were disappointing no matter how you slice it up. , and it’s no surprise that the market bristled in performance. .

Now what

BlackBerry stock made gains at the start of trading in April. The company’s share price climbed around 2.6% on the first trading day of the month.

BB chart

BB given by YCharts

BlackBerry expects to post double-digit billing growth for its cybersecurity and technology units. Overall software and services revenue for the period is expected to be between $ 675 million and $ 715 million, representing a 12% year-over-year growth in the middle of the target.

BlackBerry has a market capitalization of around $ 4.9 billion and is valued at around six times expected sales this year and 57 times expected earnings this year.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a premium Motley Fool consulting service. Were motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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