Shares of the Waterloo, Ont.-based software company dropped over 15 per cent after it warned in a preliminary earnings report that it expects its IoT division to generate revenue of US$225 million to US$240 million this fiscal year, down from the range of US$240 million to US$250 million it forecasted in May. (The Logic)
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Shares of the Waterloo, Ont.-based software company dropped over 15 per cent after it warned in a preliminary earnings report that it expects its IoT division to generate revenue of US$225 million to US$240 million this fiscal year, down from the range of US$240 million to US$250 million it forecasted in May. (The Logic)
Talking point: BlackBerry said its IoT division, which includes its QNX automotive software platform, has been hampered by “rescheduling of software development programs and production schedules at certain large automakers.” While its cybersecurity division is on track to hit its financial targets for the year, the company warned of lower-than-expected fiscal second-quarter revenue of US$80 million amid “delays in closing certain large deals” and long negotiations with government customers. BlackBerry’s preliminary results come two weeks ahead of its official earnings report on Sept. 28. In late August, Reuters reported that New York-based private equity firm Veritas Capital made a bid to buy the Canadian smartphone pioneer. Neither firm has commented on the takeover speculation.
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