Categories AlphaGraphs, Earnings, Technology
BlackBerry (BB) reports wider loss in Q1 but beats estimates
Given the uncertainty across the global economy, the company is not providing an outlook for fiscal 2021
BlackBerry Limited (NYSE: BB) reported a wider loss in the first quarter of 2021 due to the slowdown in the auto industry supply chain arising from the COVID-19 pandemic. The top-line dropped by 17% year-over-year. The bottom-line exceeded the analysts’ expectations while the top-line missed consensus estimates.
The bottom-line included non-cash, one-time goodwill impairment charge primarily related to the impairment of the BlackBerry Spark reporting unit, acquired intangibles amortization expense, stock compensation expense, and a charge related to the fair value adjustment on the debentures.
As expected earlier, the slowdown is expected to continue in the near future due to the temporary global auto production shutdowns and related slowdowns of auto sales. The macroeconomic environment has been undergoing changes on a daily basis and this has prompted BlackBerry to be cautious for fiscal 2021.
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