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BlackBerry stock continues slide into October

Shares of BlackBerry (BlackBerry Stock Quote, Chart, News, Analysts, Financials TSX:BB) on the TSX have fallen below the six dollar mark for the first time since August.

Already down in five of the past six sessions, the stock opened October 3 lower, and is currently trading at $5.89, down 2.2 per cent.

The latest slide comes as investors digest another disappointing quarter from the former tech giant. On September 28, the company posted a loss of (US) $42-million on revenue of $132-million. That topline number was off 21 per cent from the $168-million the company posted in the same period last year.

CEO John Chen maintained his positivity despite the soft quarter, talking up the company’s progress in the Internet of Things space.

“Our IoT business continues to win new designs and add royalty backlog at a strong rate, illustrating how well positioned this business is in the medium to long term,” he said. “We expect a strong finish for IoT revenue this fiscal year, with the fourth quarter forecasted to be the strongest ever. Further, we are excited by the response from beta customers to our next generation QNX Software Development Platform 8.0, and its potential to enable embedded generative AI applications. We also expect a strong second half for revenue in our cyber business, with a pipeline of deals that include large, mainly perpetual government opportunities that can deliver meaningful in-year revenue. Therefore, we are reiterating our full-year cyber revenue outlook.”

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