Why BlackBerry Stock Declined 10% in September
Shares of BlackBerry (NYSE: BB) declined 10% in September, according to data provided by S&P Global Market Intelligence. The market suffered from broad declines in the beginning of the month, which hit tech stocks particularly hard, and BlackBerry reported fiscal second-quarter results near the end of the month.
Investors had mixed reactions to the earnings release, sending shares up as much as 11% that day before they closed down modestly. Adjusted revenue grew slightly to $266 million, which resulted in adjusted net income of $62 million, or $0.11 per share. Both top- and bottom-line results beat analyst estimates, but there are lingering concerns around the auto market's recovery.
BlackBerry's network operations center. Image source: BlackBerry.
Source Fool.com
