Stock and options traders joining the WallStreetBets thread on Reddit and other online social platforms have launched stunning campaigns to ensure that BlackBerry stock reaches incredible heights. But things are not going great right now. On July 6, BlackBerry’s stock was at $12.3. However, it is declining: today, the price is expected to be at $11.24, resulting in an 8.6% loss. This trend is going for approximately a month, with people starting to doubt the company’s future.
Last month, the company reported a net loss of 5 cents per share in the first quarter of fiscal 2022 ending in May. Sales of $ 174 million surpassed the FactSet consensus of $ 171.3 million but still fell 16% from last year. This is the fourth drop in revenue in five quarters. The company’s profit has doubled over the past year over the past eight quarters. In the third quarter of the fiscal year ending November, earnings fell 33% to 2 cents per share. Sales fell 18%.
The fiscal fourth quarter ended in February confirmed these poor results, with net income falling 67% to 3 cents per share. The 25% drop in sales to $ 210 million was the strongest annualized drop in at least four years. Wall Street expects a net loss of 17 cents per share for the fiscal year ending February 2022 before the company earns 3 cents per share in fiscal 2023. Given these facts, right now is not the time to buy a company’s stock.
Finance and Entertainment Reporter
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