BlackBerry Stock Dives on Revenue Forecast

BlackBerry


stock tumbled Tuesday, the morning after the Canadian cybersecurity firm released preliminary fiscal-year figures that disappointed Wall Street.

The company said Monday evening that it expects revenue for the fiscal year ended Feb. 28 to be about $656 million, below to the FactSet analyst consensus of $666.8 million.


BlackBerry


expects revenue in its internet of things, or IOT, unit to be up 16% year over year to $206 million. The firm expects cybersecurity unit revenue of about $418 million, which was below a prior outlook. The company said there were some large government deals being negotiated that didn’t close during the fourth quarter, pushing them into fiscal 2024.