BlackBerry Stock Is Moving Lower Thursday: What's Going On?

BlackBerry Ltd BB shares are trading lower Thursday on the heels of the company's third-quarter financial results. Here's a rundown of the report.

What Happened: BlackBerry reported third-quarter revenue of $175 million, which beat the consensus estimate of $173.53 million, according to Benzinga Pro. The company reported a quarterly loss of 5 cents per share versus a loss of 9 cents per share in the prior year's quarter.

IoT revenue was $55 million, cybersecurity revenue totaled $114 million in the quarter and licensing and other revenue came in at $6 million.

BlackBerry ended the quarter with $271 million in cash, cash equivalents and short- and long-term investments.

"We also saw a strong quarter for the Cybersecurity business, securing large strategic deals with leading government agencies that helped drive strong sequential revenue growth and margin expansion. Work has commenced to fully separate and significantly rightsize our businesses, and we expect to further reduce operating cashflow usage in Q4," said John Giamatteo, CEO of BlackBerry.

BlackBerry said it expects fourth-quarter revenue to be between $150 million and $159 million versus estimates of $200.37 million. IoT revenue is expected to be between $62 million and $66 million, cybersecurity revenue is expected to be between $83 million and $88 million and licensing and other revenue is expected to total approximately $5 million.

Following the print, Baird analyst Luke Junk maintained BlackBerry with a Neutral rating and lowered the price target from $5.50 to $5.

See Also: Amazon.com To Rally Over 38%? Here Are 10 Top Analyst Forecasts For Thursday

BB Price Action: BlackBerry shares were down 3.9% at $3.93 at the time of publication, according to Benzinga Pro.

Photo: courtesy of BlackBerry.