Canadian security software and services company BlackBerry Limited (TSE:BB) (NYSE:BB) released its Fiscal Q2-2024 earnings results for the period ending August 31, 2023. Earnings per share of -$0.04 beat expectations of -$0.07 and were slightly better than last year’s figure of -$0.05. Meanwhile, revenue of $132 million (down 21.4% year-over-year) came up short of the $134.7 million forecast. Blackberry’s IoT segment generated $49 million in sales, and its Cybersecurity segment contributed $79 million.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Please note: all figures are in U.S. dollars unless otherwise stated.
Despite lacking profitability, the company remains optimistic about the future. CEO John Chen expressed confidence in the company’s IoT ventures and is enthusiastic about its upcoming QNX® Software Development Platform 8.0. He expects “a strong finish for IoT revenue this fiscal year, with the fourth quarter forecasted to be the strongest ever” and a strong second half of the fiscal year regarding its Cybersecurity business.
Is BlackBerry Stock a Buy, According to Analysts?
According to analysts, BB stock comes in as a Hold based on two unanimous Hold ratings assigned in the past three months. The average BB stock price target of C$6.74 implies just 4.4% upside potential.
