Shares of former QWERTY keyboard smartphone darling BlackBerry (BBRY) fell sharply on Tuesday after the now-mobile-data-security company posted weaker-than-expected revenue for its fiscal second quarter.
The Waterloo, Ontario-based company posted a loss of $44 million, or 10 cents a share, in its fiscal second quarter, compared with net income of $43 million, or a loss of 4 cents a share, in the comparable year-ago period.
On an adjusted basis, the company reported breakeven per-share earnings, slightly better than the 1-cent loss expected by analysts polled by FactSet. Revenue rose to $244 million from $210 million, though below the $268 million expected by analysts.
For fiscal 2020, BlackBerry said it is currently expecting total company non-GAAP revenue growth in the range of 23% to 25%, driven by a "double-digit percentage increase" in year-over-year billings, and non-GAAP profitability for the fiscal year.
Separately, the company announced that it has named Steve Rai as chief financial officer, effective Oct. 1. Rai will replace Steve Capelli, who will become chief revenue officer.
Shares of BlackBerry were down 19.88% in trading on Tuesday, falling to $6.02 on the New York Stock Exchange.