BlackBerry Limited Earnings: Here’s Why Shares are Up Now
BlackBerry Limited (NASDAQ:BBRY) had a loss and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.74%.
BlackBerry Limited Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.47 in the quarter versus EPS of $-0.27 in the year-earlier quarter.
Revenue: Decreased 45.25% to $1.57 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: BlackBerry Limited reported adjusted EPS loss of $0.47 per share. By that measure, the company beat the mean analyst estimate of $-0.49. It missed the average revenue estimate of $1.62 billion.
Quoting Management: “We are very disappointed with our operational and financial results this quarter and have announced a series of major changes to address the competitive hardware environment and our cost structure,” said Thorsten Heins, President and CEO of BlackBerry. “While our company goes through the necessary changes to create the best business model for our hardware business, we continue to see confidence from our customers through the increasing penetration of BES 10, where we now have more than 25,000 commercial and test servers installed to date, up from 19,000 in July 2013. We understand how some of the activities we are going through create uncertainty, but we remain a financially strong company with $2.6 billion in cash and no debt. We are focused on our targeted markets, and are committed to completing our transition quickly in order to establish a more focused and efficient company.”
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