BlackBerry’s Stock Falls 12% On Lowered Guidance

Shares of Canadian technology firm BlackBerry (BB) fell 12% after the company lowered expectations for its upcoming earnings release on March 30.

The Waterloo, Ontario-based company that is today focused primarily on cybersecurity said its fiscal fourth-quarter and full-year revenue is likely to come in lower than previously expected.

BlackBerry said several large deals that were expected to close in the quarter were not completed in time, negatively impacting its earnings.

The company, which reports financial results in U.S. dollars, also said that it expects to take a one-time, non-cash charge of $440 million U.S. related to its Spark security business.

For the quarter ended February 28 of this year, BlackBerry said it now expects total revenue of $151 million U.S.

Revenue from its internet of things (IoT) business is expected to be $53 million U.S. for the quarter, while cybersecurity revenue is forecast to come in at $88 million U.S.

For the full fiscal year, BlackBerry said total revenue is likely to amount to $656 million U.S.

BlackBerry is scheduled to release its financial results on March 30 and provide an outlook for the year ahead to analysts at that time.

BlackBerry’s stock has fallen 41% over the past year to $4.81 per share.