BlackBerry Has Yet to Turn a Corner Despite Earnings Beat
Shares of BlackBerry Ltd. (NYSE:BB) fell more than 19% following its quarterly earnings report on Tuesday evening. The company's earnings beat expectations, prompting an after-hours surge of about 5%. However, that gain was quickly wiped out on Wednesday and Thursday as the shares plunged further to trade at $3.31, down from Tuesday's close of $4.12. This came after analysts revised their revenue outlook down to $990 million compared to an earlier estimate of $1.2 billion. The company is arguably famous for what did not work out after its BlackBerry phones and tablets failed to match competition.