BlackBerry shares down more than 10%, looking to cut costs
Posted December 21, 2023 11:01 am.
Last Updated December 21, 2023 4:56 pm.
TORONTO — Shares of BlackBerry Ltd. were down 13.5 per cent after the company released its latest quarterly results and its new chief executive said he has his eye on cutting costs.
Shares in the company closed down 74 cents at $4.74 on the Toronto Stock Exchange.
John Giamatteo, who was named CEO earlier this month, said a key focus is to return BlackBerry to profitability and positive cash flow, which would require some tough decisions on its cost structure.
BlackBerry recently called off plans for an initial public offering of its internet of things business, but said it still plans to split its operations.
The company, which reports its earnings in U.S. dollars, reported a loss of US$21 million or five cents per diluted share on US$175 million in revenue for the period ended Nov. 30 compared with a loss of US$4 million or nine cents per diluted share on US$169 million in revenue a year prior.
In its fourth quarter ending Feb. 29, BlackBerry expects to see its revenue reach between US$150 million and US$159 million, with up to US$88 million coming from its cyber business and up to US$66 million from its IoT offerings.
This report by The Canadian Press was first published Dec. 21, 2023.
Companies in this story: (TSX:BB)
The Canadian Press
