BlackBerry misses sales forecasts, shares tumble

BlackBerry Limited (BBRY) closed its previous trading session at $11.06 with the gain of 3.85%. The stock has risen 64 percent in the last 12 months.

BlackBerry Limited (BBRY) opened at 11.06 on Wednesday. The legal version of this news story can be read at

On Thursday, Shares of Internap Corp (NASDAQ:INAP) decreased -3.49% and closed at $3.32 after opening 3.50 with the overall traded volume of 1,051,982 shares.

The Qualcomm payment bolstered BlackBerry's cash reserves, which now stand at $2.6 billion.

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The company said it got more than 3,000 orders from enterprise customers in the quarter, down from over 3,500 orders it got in the fourth quarter. Alpha One also assigned media stories about the smartphone producer an impact score of 28 out of 100, indicating that recent press coverage is unlikely to have an impact on the company's share price in the next few days.

Thus far this year, the stock has gained 61 percent, benefiting from M&A rumors and positive analyst opinions on the company's prospects in new-age technologies. Finally, BMO Capital Markets boosted their price target on BlackBerry Limited from $8.00 to $9.00 and gave the company a "market perform" rating in a research note on Monday, April 17th. The median target of analyst views collected by Yahoo Finance was as much as $24.63 below MNK's recent stock price.

BlackBerry Limited (BBRY) now has a Return on Assets (ROA) value of -30.8 Percent. FNY Managed Accounts LLC purchased a new stake in shares of BlackBerry Limited during the first quarter worth about $279,000. UBS Asset Management Americas Inc. now owns 1,492,699 shares of the smartphone producer's stock valued at $10,284,000 after buying an additional 109,818 shares during the last quarter. In a letter to executives and board members at the company, the private-equity fund also proposed a six-week limited exclusivity period to conduct its due diligence.

Analysts on average have given a price target of $9.02 to BlackBerry Limited (BBRY) stock. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock.

For the three-month stretch in question, BBRY's non-GAAP software and service revenue rolled in at $169 million, or $160 million on a GAAP basis. However, the panic subsided and growth-hungry investors came searching for their favorite stocks in the wreckage.

BlackBerry and related trademarks, names and logos are the property of BlackBerry Limited and are registered and/or used in the US and countries around the world.

Chen said that analysts had not anticipated the drop in professional services when drawing up forecasts for the category that includes the closely watched, high-margin software sales segment. BlackBerry is not responsible for any third-party products or services.

  • Zachary Reyes