Earnings

BlackBerry shares tumble nearly 12% on lower outlook, revenue miss

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Canada’s BlackBerry on Tuesday cut the top end of its current fiscal-year revenue forecast and posted lower-than-expected quarterly revenue, hit by weak demand for its software amid increasing competition.

U.S.-listed shares of the company fell nearly 12% before the bell.

Once known for its phones, BlackBerry has pivoted to selling software such as those used in mobiles and by automakers, hoping to find a more stable source of revenue.

Adjusted revenue from BlackBerry’s Internet of Things business, which includes the enterprise software and technology solutions units, fell 5% to $134 million, missing estimates for the second straight quarter. Analysts on average had expected revenue of $150…



Source cnbc.com

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