BlackBerry Ltd (BBRY) shares dropped more than 5% on Friday morning, after the company missed its revenue target and shrank its enterprise orders in Q1.
The Canadian mobile communications company reported revenue of $235 million, missing analyst estimates of $264.5 million.
BlackBerry announced it may buy back up to 6% of its shares outstanding. It promised shareholders it will be profitable during this fiscal year.
The company reported earnings of $1.23 per share, up from a loss of $1.28 per share a year earlier. Excluding items, BlackBerry earned two cents per share, up from analyst estimates that the company would break even.
What's Hot On TheStreet:
Well OK then, Jeff Immelt: General Electric's (GE) - Get Report outgoing CEO Jeff Immelt had some choice things to say at an event in NYC on Thursday night, TheStreet's Kinsey Grant reports. First, Immelt revealed a possibly fatal management mistake Kroger's (KR) - Get Report CEO might have made about Amazon (AMZN) - Get Report who as we all know, just inked a $13.7 billion deal for organic grocer Whole Foods (WFM) . Immelt then took a jab at Hillary Clinton and Barack Obama for not visiting factories in their push to lift manufacturing wages. Talk about a well-paid boss going down swinging.
Why Sears Canada is dying: Sears Canada (SRSC) has one foot in the grave just like its ailing U.S. friend Sears Holdings Corp. (SHLD) . Unfortunately for Sears Canada, it's that friend across the boarder that has played a large role in its demise, TheStreet's Michelle Lodge reports. Sears has sucked badly needed cash away from Sears Canada through the years, leaving it unable to upgrade stores and do other things to compete effectively in the always challenging Canadian retail market.
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