Analysts' reaction to the numbers was mixed.
Revenue registered $210 million for the quarter, down from $282 million a year earlier. The latest number trailed the FactSet analyst consensus of $245 million.
The Waterloo, Ontario, company's shares recently traded at $8.53, down 8.7%. The stock has slumped from its 52-week high near $29, set two months ago.
Canaccord Genuity’s T. Michael Walkley lifted his rating to hold from sell, though he lowered his price target to $9 from $10 to reflect recent market activity. He'd downgraded the stock in mid-February.
["The] software and services fundamentals should improve throughout fiscal 2022,” he wrote in a commentary.
“Should management reach a deal to sell the licensing business, ... this could help unlock value and provide a capital infusion to drive accelerated software and services growth.”
To be sure, “while we believe management has created a cogent long-term strategy and the business is turning the corner towards stronger trends, we await more proof … before becoming more constructive on the shares,” Walkley said.
Raymond James analyst Steven Li has a market-perform rating. He lifted his price target to $9.50 from $8.
RBC analyst Paul Treiber assigned BlackBerry an underperform rating with a $7.50 price target.
The company’s valuation already accounts for the core software operations and estimated value of BlackBerry’s patents, he said, according to Bloomberg.
TD Securities analyst Daniel Chan has a hold rating and an $8.50 target.