BlackBerry, the Canadian technology company, has forecasted a 21.4% decline in second-quarter revenue due to weak performance in its cybersecurity segment. The company expects revenue of about $132 million, compared to $168 million last year. This decline is attributed to delays in closing certain large deals; According to the Executive Chair and CEO, John Chen.
The company’s cybersecurity unit is expected to report $80 million in Revenue, lower than the $111 million last year. The lower Revenue in the cybersecurity unit is due to some Large government deals not closing in the quarter. The company also lowered its guidance for its IoT unit due to production schedule changes of certain automakers.
BlackBerry’s shares listed in the US dropped by almost 10% in extended trading on Wednesday, following the company’s announcement of preliminary fiscal second-quarter revenue, which fell below the analysts’ anticipated estimates. The stock slid down more than 7% in after-hours trading, after decreasing by 0.7% at Wednesday’s market close. However, the shares have surged by 70% this year.
In August, private equity firm Veritas Capital made an offer to buy BlackBerry, months after the Canadian company began a strategic review.
The Licensing and Other business unit revenue for the second quarter is expected to be about $3 million.
BlackBerry Short (Sell)
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