BlackBerry Shares Plummet Despite Beating on Earnings

Shares of BlackBerry fell in Friday’s trading session, despite the company announcing first quarter earnings and revenue that beat estimates.

The company reported EPS of 3 cents a share, compared to 2 cents a share in the year ago period. Analysts had been waiting for earnings to be flat for the quarter.

Revenue at $213 million was also lower than the $235 million from a year ago but beat the $209.3 million that analysts were waiting for.

A net loss of $60 million was worse than the net income of $671 that BlackBerry reported in its fiscal first quarter of 2018.

An operating loss of $65 million was also worse than the operating income of $536 million from a year ago.

Traders may have been reacting to these numbers as for why shares sank on Friday and closed down 8.72%.

The company also announced a partnership with Bullitt Group to develop “BlackBerry Secure”-certified connected devices.

Alex Thurber, senior vice president and general manager of BlackBerry’s Mobility Solutions, stated, “This new deal will allow us to expand our BlackBerry Secure footprint into the more than 100 markets that Bullitt Group currently distributes its products, especially in Europe, the Middle East and Africa. Bullitt Group’s customers, from farmers and construction workers to outdoor enthusiasts, will now be able to have rugged products that aren’t just durable on the outside, but also strong on security on the inside.”

Disclaimer: We have no position in BlackBerry Limited (NYSE: BB) and have not been compensated for this article.