Why BlackBerry Stock Dropped Today

Shares of (NYSE: BB) were down 13.3% as of 3:20 p.m. ET Thursday after the cybersecurity software and services company announced mixed quarterly results.

For its fiscal third quarter ended Nov. 30, 2023, BlackBerry's revenue grew 3.6% year over year to $175 million, translating to adjusted (non-GAAP) earnings of $0.01 per share. Most analysts were modeling an adjusted net loss of $0.02 per share, but on revenue closer to $181 million.

Within BlackBerry's top line, cybersecurity segment revenue grew 8% year over year to $114 million, while Internet of Things (IoT) revenue rose 8% to $55 million. Growth in the two core segments was partially offset by a 50% decline in licensing and other revenue, to $6 million.

Source Fool.com