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blackberries (New York Stock Exchange: BB) stock dropped nearly 8% On Wednesday, the cybersecurity software company warned that in 2023, greater economic troubles are likely to affect its business.
Late Tuesday, BlackBerry (BB) reported earnings Third-quarter earnings of $169 million, a loss of 5 cents per share excluding one-time items, beat analyst estimates of a loss of 7 cents per share on earnings of $166.8 million. surpassed. At the same time a year ago, BlackBerry (BB) had earnings of $184 million, also breaking even per share.
The company said the sales cycle is taking longer to complete as customers deal with economic uncertainty and postpone or extend order schedules. We estimate that revenue growth from the cybersecurity business will level off in the first half of 2023 before picking up momentum in the second half of 2023.
Once famous for its ubiquitous mobile phones, BlackBerry (BB) is shifting to software platforms for cybersecurity and cars.
Wall Street analysts currently have a consensus sell rating for BlackBerry (BB) stock, while Seeking Alpha’s authors give it a pending rating. Seeking Alpha’s quant system has historically outperformed the stock market, giving BlackBerry (BB) stock a hold rating as well.
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