NEW YORK (TheStreet) -- Shares of BlackBerry (BBRY) declined 2.57% to $11.75 in morning trading Friday after the telecommunications company announced its fiscal year 2016 guidance during its analyst day on Thursday.
The company now expects services revenue for the full fiscal year 2016, which ends March 2016, of $800 million, a 50% decline from the anticipated fiscal year 2015 total of $1.6 billion. The consensus estimate for BlackBerry's total full-year 2016 revenue is $3.78 billion, almost flat year-over-year.
BlackBerry's services revenue has been declining and reached 46% of total revenue in the quarter ended in August, down from 54% in the same quarter one year earlier.
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More than 13.9 million shares had changed hands as of 10:34 a.m., compared to the daily average volume of 12,552,500.
Separately, TheStreet Ratings team rates BLACKBERRY LTD as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKBERRY LTD (BBRY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been an overall disappointing return on equity."