Canadian technology company Blackberry (TSE:BB) (NYSE:BB) reported its Fiscal Q4-2023 and Fiscal 2023 financial results today. Revenue missed expectations, while adjusted earnings per share (EPS) beat analysts’ estimates. Despite the earnings beat, shares are down 4.75% in after-hours trading. Note: all figures are in U.S. dollars unless otherwise stated.
Q4-2023 Results
Blackberry’s revenue reached approximately $151 million compared to the consensus estimate of about $153.96 million, representing an 18.4% decrease. 58.3% of its revenue came from Cybersecurity, 35.1% from its Internet of Things (IoT) segment, and the rest from Licensing & Other.
The company’s adjusted net loss per share was $0.02, worse than the $0.01 per share gain achieved in the same period last year but better than the $0.08 loss that analysts were expecting. On a non-adjusted basis, EPS was -$0.85, mainly due to large impairment charges.
Adjusted EBITDA was negative as well, at -$12 million compared to a positive $20 million last year.
Full-Year Results
On a full-year basis, revenue came in at $656 million — 8.6% lower year-over-year. Meanwhile, adjusted EPS was -$0.18, worse than last year’s EPS of -$0.10. Lastly, Blackberry’s adjusted gross margin came in at 64.3% compared to 65.6% in the prior-year period.
Is Blackberry Stock a Buy, According to Analysts?
Turning to Wall Street, BB stock comes in as a Hold based on zero Buys, three Holds, and one Sell assigned in the past three months. The average BB stock price target of C$6.00 implies 10.7% upside potential, nonetheless.
