BlackBerry: shares slump after revenue growth guidance cut
(CercleFinance.com) - BlackBerry shares slumped on Tuesday after the Canadian IT company cut its full-year revenue growth guidance.
The stock was diving 17.2% at 6.2 dollars in early trading in New York, touching its lowest level since 2015.
Earlier today, BlackBerry - which has now moved to a "software and services" business model after dominating the smartphone market around a decade ago - said it now expected fiscal 2020 non-GAAP revenue growth to be between 23% and 25%.
The Waterloo, Ontario-based company had previously forecast non-GAAP revenue growth of between 23% and 27%, driven by a double-digit percentage increase in billings.
For the three months ended 31 August, its fiscal second quarter, non-GAAP revenue rose by 22% year-on-year. Total company non-GAAP operating earnings reached 2 million dollars, the firm said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The stock was diving 17.2% at 6.2 dollars in early trading in New York, touching its lowest level since 2015.
Earlier today, BlackBerry - which has now moved to a "software and services" business model after dominating the smartphone market around a decade ago - said it now expected fiscal 2020 non-GAAP revenue growth to be between 23% and 25%.
The Waterloo, Ontario-based company had previously forecast non-GAAP revenue growth of between 23% and 27%, driven by a double-digit percentage increase in billings.
For the three months ended 31 August, its fiscal second quarter, non-GAAP revenue rose by 22% year-on-year. Total company non-GAAP operating earnings reached 2 million dollars, the firm said.
Copyright (c) 2019 CercleFinance.com. All rights reserved.