Shares of BlackBerry, the Canadian cybersecurity company, plummeted on Thursday morning following the release of its third-quarter financial results. The company reported a larger loss and lower-than-anticipated revenue for the fourth quarter.
As of 9:39 a.m. ET, shares trading in Toronto fell 8.9% to 4.99 Canadian dollars ($3.73).
In the quarter ending on November 30, BlackBerry experienced a loss of $21 million, or 5 cents per share. This is a significant increase from the $4 million loss (1 cent per share) reported during the same period last year.
However, adjusted per-share profit for the quarter stood at 1 cent. This figure exceeds the analysts' earlier forecast of a 4-cent loss, as reported by FactSet.
On the revenue front, BlackBerry saw a 3.6% increase, bringing in a total of $175 million. This surpassed the analysts' expectations of $165.2 million, according to FactSet.
Looking ahead, the company anticipates total revenue of $150 million to $159 million for the quarter ending February 29. This projection falls below the $151 million achieved in the same period last year and falls short of analysts' expectations for revenue of $180.9 million.
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