Shares of BlackBerry Ltd. (NYSE: BB) are trading lower on Wednesday following the release of the company's mixed financial results.
Following the company's quarterly report, other analysts likewise lowered their price targets for the shares.
According to Benzinga Pro, BlackBerry reported second-quarter sales of $168 million, missing average analyst projections of $177.25 million.
In the second quarter, IoT revenue reached $51 million, a 28% year-over-year increase. The quarter's cybersecurity revenue was $111 million, down 8% from the prior year.
In contrast to consensus projections of a loss of 7 cents per share, BlackBerry reported a quarterly net loss of 5 cents per share.
The company had $699 million in cash and equivalents at the end of the quarter.
According to John Chen, executive chairman and CEO of BlackBerry, "We're executing on our plan and we're seeing the decisions made in recent quarters starting to pay off," with Cybersecurity ARR expected to resume increase early next fiscal year.