Why Shares of BlackBerry Slumped Today

Shares of BlackBerry (NYSE: BB) dropped on Wednesday after the company reported mixed fourth-quarter results. Double-digit revenue growth fell short of analyst expectations, while adjusted earnings were higher than expected. The stock was down about 18% at 1:15 p.m. EDT.

BlackBerry reported fourth-quarter adjusted revenue of $291 million, up 13% year over year but about $5.3 million below the average analyst estimate. Adjusted software and services revenue grew 16% to $287 million. Non-GAAP (adjusted) earnings per share came in at $0.09, ahead of analyst expectations by $0.05.

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Source Fool.com