The stock of BlackBerry (BB) is down 5% after the Canadian technology company reported that its fiscal third-quarter net loss grew by 425% from a year earlier.
BlackBerry announced a $21 million U.S. net loss compared with a net loss of $4 million U.S. a year ago. The latest loss equaled $0.05 U.S. per share and was worse than analysts’ forecasts.
BlackBerry said its revenue for the quarter totaled $175 million U.S., which was up 4% from $169 million U.S. a year earlier.
Earlier in December, BlackBerry named John J. Giamatteo its new chief executive officer (CEO) and canceled a planned initial public offering (IPO) of its Internet of Things (IoT) business unit.
Prior to today, the stock of BlackBerry had gained 7% over the past 12 months to trade at $5.48 per share. However, the company’s share price is down 42% over the last five years.
