Market News

BlackBerry Drops on Preliminary Q4 Numbers

Shares of security software and services provider BlackBerry (NYSE:BB) are trending lower in the pre-market session today after the company announced preliminary fourth-quarter numbers.

BB’s fourth quarter was marked by macro challenges in its cybersecurity unit and longer sales cycles in government deals. For Q4, the company now expects revenue at $151 million. This includes IoT revenue of $53 million and cybersecurity revenue of $88 million.

Further, cybersecurity billings are anticipated at $107 million, clocking a third sequential quarterly gain. The company is expected to provide guidance for fiscal 2024 on its earnings call on March 30. The Street expects BB to incur a net loss per share of $0.07 for Q4.

Overall, Wall Street has a consensus price target of $5 on BB, implying a 25.3% potential upside in the stock. That’s on top of a 20.5% gain in the share price so far in 2023.

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