Why BlackBerry Stock Crashed This Week
Shares of (NYSE: BB) fell off a cliff this week. The company's stock lost 24.2% for the week as of 2:40 p.m. ET and was down as much as 28.6% earlier in the week. The steep decline came as the S 500 (SNPINDEX: ^GSPC) lost a whopping 8.8%.
The Canadian tech company reported quarterly results that contained some positives, but greatly disappointed in its revenue outlook.
The company, which has transitioned away from being a cell phone maker to a cybersecurity and Internet of Things (IoT) software provider, projected 2026 revenue of $504 million to $534 million. That's well short of analysts' expectations of $567.3 million. The company's current-quarter revenue estimate of $107 million to $115 million also missed projections, triggering the sharp sell-off.
Source Fool.com
