BlackBerry Shares Are Getting Squashed Today: What's Going On?

BlackBerry Ltd (NYSE: BB) shares are moving lower Tuesday after the company reported weak preliminary fourth-quarter results accompanied by cautious commentary.

What Happened: BlackBerry expects fourth-quarter revenue of approximately $151 million versus estimates of $179.65 million, per Benzinga Pro data. IoT revenue is expected to come in around $53 million, while cybersecurity revenue is expected to be approximately $88 million.

"Macro challenges were a key factor for BlackBerry's Cybersecurity business unit this quarter, with elongated sales cycles in government causing some large deals to slip into later quarters. The IoT business unit closed the year strongly, and we expect to deliver year over year revenue growth of approximately 16%, in line with outlook," said John Chen, executive chairman and CEO of BlackBerry.

"Given the current macro backdrop, BlackBerry's management has taken proactive steps this quarter to both balance investments and manage costs to drive towards profitable growth."

BlackBerry provides intelligent security software and services to enterprises and governments around the world. The company said it will provide an outlook for fiscal year 2024 on its upcoming conference call on March 340 at 5:30 p.m. ET.

See Also: What Happened To CrowdStrike Shares On Monday?

BB Price Action: BlackBerry has a 52-week high of $7.97 and a 52-week low of $3.17.

BlackBerry shares were down 5.29% at $3.78 at time of publication, according to Benzinga Pro.

Photo: courtesy of BlackBerry.