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BlackBerry

BlackBerry, once known for being the world's largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communication for enterprises. The firm provides endpoint management and protection to enterprises, specializing in regulated industries like government, as well as embedded software to the automotive, medical, and industrial markets.

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BlackBerry Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) reported second-quarter financial results Thursday after the bell. Here&#8217;s a <a href="https://www.benzinga.com/pressreleases/24/09/ac41057250/blackberry-reports-second-quarter-fiscal-year-2025-results">rundown of the report</a>.
Q2 Earnings: BlackBerry reported second-quarter revenue of $145 million, beating analyst <a href="https://www.benzinga.com/calendars/earnings">estimates</a> of $141.42 million. The company reported breakeven second-quarter earnings on an adjusted basis, beating analyst estimates for a loss of 3 cents per share, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
IoT revenue was&nbsp;$55&nbsp;million, up 12% year-over-year.&nbsp;Cybersecurity revenue totaled $87&nbsp;million in the quarter, up 10% year-over-year. Licensing revenue&nbsp;came in at $3&nbsp;million. 
BlackBerry ended the quarter with $265 million in&nbsp;cash, cash equivalents and&nbsp;short-&nbsp;and long-term investments.
&#8220;BlackBerry reached a significant milestone on our path to profitability by recording breakeven adjusted EBITDA and non-GAAP EPS. This result was achieved through a combination of stronger-than-expected, double-digit revenue growth for both IoT and Cybersecurity, as well as tremendous ongoing progress in rationalizing our cost structure. Operating expenses for the quarter were 24% lower than the baseline for the prior year,&#8221; said John Giamatteo, CEO of BlackBerry.
&#8220;QNX delivered strong royalty revenue again this quarter, and there was year-over-year revenue growth for the secure communications products in our Cybersecurity division.&#8221;
See Also: <a href="https://www.benzinga.com/news/24/09/41016947/crowdstrike-executive-struck-by-regret-in-house-hearing-says-company-determined-to-prevent-instances">CrowdStrike Executive Struck By Regret In House Hearing, Says Company Determined To Prevent Instances Like Microsoft Outage From Repeating: &#8216;Deeply Sorry This Happened&#8217;</a>
What&#8217;s Next: BlackBerry expects third-quarter revenue of $146 million to $154 million. BlackBerry sees third-quarter IoT revenue of $56 million to $60 million, cybersecurity revenue of $86 million to $90 million and licensing and other revenue of approximately $4 million. 
The company also guided for breakeven third-quarter earnings, plus or minus one cent per share.
BlackBerry anticipates full-year revenue of $591 million to $616 million. The company anticipates a full-year adjusted earnings loss of 2 cents to 5 cents per share.
Management will hold a conference call to discuss these results at 5:30 p.m. ET.
BB Price Action: <a href="https://www.benzinga.com/quote/BB" target="_blank" rel="noreferrer noopener">BlackBerry shares</a> were up 0.79% in after-hours, trading at $2.56 at the time of publication Thursday, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Courtesy of BlackBerry.

Earnings

News

Guidance

After-Hours Center

Movers

BlackBerry Q2 Earnings: Revenue, EPS Beat Estimates Driven By Strength In IoT, Cybersecurity

BlackBerry Revises FY25 Total BlackBerry Revenue Forecast From $586M - $616M To $591M - $616M, Est $604.35M; Adj Basic EPS Guidance From $(0.03) – $(0.07) To $(0.05) - $(0.02), Est $(0.04)

BlackBerry Expects Q3 Total BlackBerry Revenue Of $146M - $154M, Adj Basic EPS Of $(0.01) - $0.01

BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) reported quarterly earnings of $0.00 per share which beat the analyst consensus estimate of $(0.03) by 103.33 percent. This is a 102.5 percent increase over losses of $(0.04) per share from the same period last year. The company reported quarterly sales of $145.00 million which beat the analyst consensus estimate of $141.42 million by 2.53 percent. This is a 9.85 percent increase over sales of $132.00 million the same period last year.

Earnings Beats

BlackBerry Q2 2025 Adj EPS $0.00 Beats $(0.03) Estimate, Sales $145.00M Beat $141.42M Estimate

Micron, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) <a href="https://www.benzinga.com/news/earnings/24/09/41034733/micron-q4-earnings-revenue-eps-beat-on-robust-ai-demand-company-sees-significantly-improved-profita">earnings</a> could revitalize the sagging market momentum, with the index futures trading notably higher early Thursday. The risk-on mood was evident across the global markets as China&#8217;s commitment to stimulate the domestic economy encouraged traders. The markets also have several Main Street catalysts to consider, including weekly jobless claims data and inflation measures from the second-quarter GDP report. A slew of Federal Reserve officials are due to make speeches, which could potentially offer clues toward the interest-rate trajectory.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+1.38%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.78%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.47%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.87%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 0.79% to $574.55 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) jumped 1.44% to $492.82, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks ended Tuesday&#8217;s session on a mixed note, as wary traders either stepped to the sidelines or took some profits off the table ahead of the flurry of data due over the next two days and Micron&#8217;s earnings that came out after the market closed. IT and utility stocks rose, while the remaining 11 sector classes pulled back. Energy and healthcare stocks were among the worst performers of the session.
The Nasdaq Composite ended marginally higher, advancing for a third straight session, while the S&amp;P 500 Index and the Dow Industrials retreated from their record highs.
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<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.04%</td>
<td>18,082.21</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>0.19%</td>
<td>5,722.26</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.70%</td>
<td>41,914.75</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.17%</td>
<td>2,223.99</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
The market could remain lackadaisical until the election, according to Fund Strat&#8217;s Tom Lee. The Fed rate cut is historically positive three to six months out but what stocks do in the next month is a bit of a coin flip, the strategist <a href="https://x.com/CNBCClosingBell/status/1839029917742219408">said</a> in an interview with CNBC. 
Some repositioning took place and the market is now looking ahead to the election, which is just 40 days away, he said. 
Lee noted that most wealth managers and family offices he spoke to hinted at unwillingness to commit capital until after election day. &#8220;I don't think it matters who wins; It&#8217;s just they want to get that event behind,&#8221; he added.
The strategist said in election years, the November and December rallies are pretty tremendous, and when the gains are over 10% in the first half of the year, the November-December rallies get bigger, he said. &#8220;I am bullish into year-end but I'm a little less confident about how markets behave into election day and not that I think we're going to have a huge drawdown,&#8221; he added. 
&#8220;I also don't think we can make new highs and then see the market blast off after election day. So I'd rather sort of say things look a lot better after election day,&#8221; Lee said.
A Morgan Stanley strategist looked ahead to what&#8217;s in store after the first rate cut in the current monetary policy cycle. Chief Investment Officer, Morgan Stanley Wealth Management, Lisa Shalett said corporate fundamentals will now need to come into sharper focus, though expectations are already ambitious.
Given this backdrop, she advised investors to consider reducing ultra-short and money market positions in favor of locking in longer-dated rates. The equal-weighted S&amp;P 500 Index may provide better risk-adjusted exposure than its market-cap-weighted counterpart, she said. The strategist also flagged financial services, industrials, energy, healthcare and materials, as well as parts of technology such as software as compelling opportunities. Defensive ideas in residential REITs and utilities, and non-U.S. assets also could work in the current environment, she said.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Upcoming Economic Data:
<ul>
<li>The Labor Department is scheduled to release the customary jobless claims data at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment benefits to rise to 223,000 in the week ended Sept. 21, up from 219,000 in the previous week.</li>
<li>The Commerce Department is due to release its durable goods orders report for August at 8:30 a.m. EDT. The consensus estimate calls for a 3% month-over-month drop in durable goods orders compared to a 9.8% jump in the previous month.</li>
<li>The Bureau of Economic Analysis will release the final second-quarter GDP report at 8:30 a.m. EDT. The second-quarter growth is expected to be left unrevised at 3%. </li>
<li>The National Association of Realtors is due to release its pending home sales index for August at 10 a.m. EDT. The consensus estimate is for a 1% month-over-month increase for August, reversing some of the 5.5% drop in the previous month.</li>
</ul>
Fed speeches scheduled for the day include:
<ul>
<li>Fed Governor Adriana Kugler and Boston Fed President Susan Collins at 9:10 a.m. EDT</li>
<li>Fed Governor Michelle Bowman at 9:15 a.m. EDT</li>
<li>Fed Chair Jerome Powell at 9:20 a.m. EDT (at the 2024 U.S. Treasury Market Conference)</li>
<li>New York Fed&nbsp;President John Williams&nbsp;at 9:25 a.m. EDT</li>
<li>&nbsp;Fed Vice Chair for Supervision Michael Barr&nbsp;at 10:30 a.m. EDT</li>
<li>Fed Governor Lisa Cook&nbsp;at 10:30 a.m. EDT</li>
<li>Minneapolis Fed President Neel Kashkari and Barr at 1 p.m. EDT</li>
</ul>
Stocks In Focus:
<ul>
<li>Micron jumped over 15% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following the company&#8217;s quarterly results announcement.</li>
<li>Also moving on earnings are H.B. Fuller Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) (down about 9%), Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>) (down over 5%) and Worthington Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOR#NYSE">WOR</a>) (up about 4%.</li>
<li>Accenture plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ACN#NYSE">ACN</a>), CarMax, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) and Jabil Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBL#NYSE">JBL</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">announce their financial results before the market opens</a>.</li>
<li>Those reporting after the close include BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>), Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) and Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures fell sharply and have dropped below the $69-a-barrel level, and gold futures pushed higher and are in record territory. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has gained moderately and is approaching the $64K level. The 10-year Treasury note edged down slightly to 3.772%.
The global markets were in a sea of green, with Hong Kong, China and Japan closing notably higher, as sentiment received a boost from China&#8217;s stimulus announcements. To add to the buoyancy, Bloomberg reported that China is considering injecting up to 1 trillion yuan($142.39 billion) of capital into its biggest state banks to facilitate lending. The European markets also advanced strongly in early trading.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/09/41040634/analyst-counters-pete-buttigiegs-assertion-that-inflation-went-down-after-bidens-ira-2022-they-are-s">Analyst Counters Pete Buttigieg&#8217;s Assertion That Inflation Went Down After Biden&#8217;s IRA 2022: &#8216;They Are Still Rising And You Don&#8217;t Seem To Care..At All&#8217;</a></li>
</ul>
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US Stocks Set For Strong Start, Micron Jumps, China Commits More Stimulus: Strategist Flags 'Tremendous' Gains Near Term

HaleyTek AB and <a href="https://pr.report/27cx">BlackBerry Limited</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>)(TSX:<a class="ticker" href="https://www.benzinga.com/stock/BB#TSX">BB</a>), today announced the launch of HaleyTek's Generic Automotive Platform (GAP), a state-of-the-art cockpit software platform. GAP provides access to a seamless, agile Android Automotive development environment, accelerating the time-to-market for feature-rich, next-generation infotainment systems.
BlackBerry QNX is providing the QNX&#xAE; Hypervisor for Safety and QNX&#xAE; Sound platform for GAP, which will offer OEMs access to two long-awaited enabling technologies for next generation automotive cockpits; Software Defined Audio (SDA) and VirtIO. SDA delivers superior software-based acoustic and audio experiences for consumers, while enabling significant Bill-of-Material (BOM) savings and the ability to generate new subscription revenue through personalized audio software features after the sale of the vehicle. It will also extend the lifecycle of these systems, offering over-the-air (OTA) Android&#x2122; and security updates to enable a safe, connected future.

TSX:BB

BlackBerry QNX Powers HaleyTek's GAP, Offering Next-Gen Audio and OTA Updates for Auto Cockpits

Cirrus Logic Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crus#NASDAQ">CRUS</a>) reported first-quarter fiscal 2025 adjusted earnings per share of $1.12, which surpassed the Zacks Consensus Estimate by 80.7%. Also, the bottom line expanded 67.2% from the prior-year quarter&#39;s 67 cents.
Total revenues of $374 million beat the Zacks Consensus Estimate by 17.7% and soared 18% year over year. The uptick was driven primarily by stronger-than-anticipated shipments into the smartphone market.
The company&#39;s largest customer accounted for 88% of total revenues in the fiscal first quarter.
Following the announcement, the company&#39;s shares gained 11.9% in aftermarket trading on Aug 6, 2024. The stock has rallied 39.1% in the past year compared with the sub-industry&#39;s growth of 37.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/02/73622.jpg?v=1205545805" />
Image Source: Zacks Investment Research
<h3>Segment Details</h3>
This Texas-based company rearranged its reportable segments and created separate categories, High-Performance Mixed-Signal and Audio in the fourth quarter of fiscal 2021. Cirrus Logic is expanding into other applications such as laptops, gaming, tablets and AR/VR.
CRUS&#39; High-Performance Mixed-Signal segment includes a few of its non-audio products. The segment, which contributed 41% to total revenues in the fiscal first quarter, rose 27.9% year over year to $155 million.
The Audio segment&#39;s sales grew 11.8% to $218.9 million and contributed 59% to total revenues.
In the fiscal first quarter, our estimates for the High-Performance Mixed-Signal and Audio segments were pegged at $188.6 million and $124.5 million, respectively.
<div class="chart_embed">
<h3>Cirrus Logic, Inc. Price, Consensus and EPS Surprise</h3>
<h3><img alt="Cirrus Logic, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/f9/1723039523.png" style="height:265px; width:580px" title="" /></h3>
Cirrus Logic, Inc. price-consensus-eps-surprise-chart | Cirrus Logic, Inc. Quote
</div>
<h3>Margins</h3>
Non-GAAP gross margin was 50.6% compared with 50.4% in the prior year quarter.
Cirrus Logic&#39;s non-GAAP operating expenses rose 3.7% year over year to $118 million due to increasing variable compensation.
Non-GAAP operating income of $71.2 million grew 55.2% year over year. Non-GAAP operating profit margin improved to 19% from 14.5%.
<h3>Balance Sheet and Cash Flow</h3>
The company exited the fiscal first quarter with cash and marketable securities of $517 million compared with $388.1 million in the prior-year period.
As of Jun 29, 2024, accounts receivables were $190.1 million compared with $286 million in the previous-year quarter.
In the fiscal first quarter, CRUS generated $87.2 million as net cash from operations against $39.8 million as net cash used from operations in the prior-year quarter. Free cash flow was $77 million in the quarter under review.
The company repurchased 361,218 shares worth $41 million in the reported quarter. As of Jun 29, 2024, it had $274.1 million worth of shares remaining under its existing share repurchase authorization.
<h3>Fiscal Q2 Guidance</h3>
Management projects revenues between $490 million and $550 million.
Combined R&amp;D and SG&amp;A are anticipated to be between $149 million and $155 million, respectively.
The gross margin is expected to be in the range of 50-52%.
Non-GAAP operating expenses are estimated to be in the band of $125-$130 million.
<h3>Zacks Rank</h3>
Cirrus Logic currently carries a Zacks Rank #2 (Buy).
<h3>Performance of Other Companies</h3>
BlackBerry&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bb#NYSE">BB</a>) first-quarter fiscal 2025 adjusted loss per share of 3 cents was narrower than the company&#39;s estimate of a loss of 4-6 cents. In the year-ago quarter, it reported non-GAAP earnings of 6 cents per share. The Zacks Consensus Estimate was pegged at a loss of 4 cents per share.
Shares of BB have lost 53% in the past year.
Badger Meter, Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmi#NYSE">BMI</a>) reported earnings per share of $1.12 for second-quarter 2024, beating the Zacks Consensus Estimate by 14.3%. Also, the bottom line compared favorably with the year-ago quarter&#39;s EPS of 76 cents.
Shares of BMI have gained 18.2% in the past year.
SAP SE (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sap#NYSE">SAP</a>) reported second-quarter 2024 non-IFRS earnings of &euro;1.10 ($1.18) per share, climbing 59% from the year-ago quarter&#39;s levels. The Zacks Consensus Estimate was pegged at $1.01.
In the past year, shares of SAP have gained 50.8%.
<a href="https://www.zacks.com/stock/news/2318203/cirrus-logic-s-crus-q1-earnings-revenues-beat-rise-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2318203">To read this article on Zacks.com click here.</a>

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CRUS

Cirrus Logic's Q1 Earnings & Revenues Beat, Rise Y/Y

Management

BlackBerry Announces Tim Foote Appointed Chief Financial Officer, As Company Establishes Cybersecurity And IoT Divisions

Flex Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/flex#NASDAQ">FLEX</a>) reported first-quarter fiscal 2025 adjusted earnings per share of 51 cents, beating the Zacks Consensus Estimate by 24.4%. The bottom line compared favorably with the prior-year quarter&#39;s 47 cents per share.
Revenues fell 8% year over year to $6.3 billion. However, it surpassed the consensus mark by 7%. The downside resulted from a slowdown in the Agility and Reliability Solutions business segments.
<div class="chart_embed">
<h3>Flex Ltd. Price, Consensus and EPS Surprise</h3>
<img alt="Flex Ltd. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/46/1721913824.png" style="height:265px; width:574px" title="" />
Flex Ltd. price-consensus-eps-surprise-chart | Flex Ltd. Quote
Following the announcement, shares were up 6.86% and closed the session at $31.76 on Jul 24. In the past year, the stock has gained 12.3% compared with the sub-industry&#39;s rise of 12.1%.
</div>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/37/72446.jpg?v=336980060" />
Image Source: Zacks Investment Research
<h3>Segment Details</h3>
The Flex Reliability Solutions Group encompasses Health Solutions, Automotive and Industrial businesses. Revenues were down 10% year over year to $2.9 billion. The downtick is caused by weak macro trends in core industrial areas, offset by momentum in automotive, cloud, data center power and healthcare devices.
The Flex Agility Solutions Group comprises Communications &amp; Enterprise Compute or CEC and Lifestyle and Consumer Devices businesses. Revenues were down 5.5% to $3.4 billion from the prior-year figure of $3.6 billion. Positive trends were observed in cloud amid softness in enterprise IT and non-cloud-related networks.
<h3>Operating Details</h3>
Non-GAAP gross margin increased 50 basis points (bps) on a year-over-year basis to 7.8% in the reported quarter.
Non-GAAP operating income came in at $306 million, up from the prior-year level of $293 million. Non-GAAP operating margin expanded 50 bps to 4.8%.
Non-GAAP selling, general &amp; administrative expenses totaled $189 million, down 9% year over year.
The adjusted operating margins of the Flex Reliability Solutions Group was 5%, on par with the prior year&#39;s level. Adjusted operating margins of the Flex Agility Solutions Group improved 120 bps to 5.3%.
<h3>Balance Sheet &amp; Cash Flow</h3>
As of Jun 30, 2024, cash &amp; cash equivalents and long-term debt (net of current portion) were $2.24 billion and $2.6 billion, respectively, compared with $2.3 billion and $3.3 billion a year ago.
In first-quarter fiscal 2025, the company generated cash flow from operating activities of $340 million and an adjusted free cash flow of $232 million.
<h3>Guidance</h3>
For second-quarter fiscal 2025, Flex expects revenues to be between $6.2 billion and $6.8 billion.
Management expects adjusted earnings in the range of 52-60 cents per share, excluding 1 cent for net restructuring charges, 8 cents for stock-based compensation expense and 3 cents for net intangible amortization. Adjusted operating income is projected to be between $310 million and $350 million.
For fiscal 2025, Flex expects revenues to be between $25.4 billion and $26.4 billion. It anticipates adjusted earnings in the range of $2.30-$2.50 per share, excluding 32 cents for stock-based compensation expense, 25 cents for net restructuring charges and 13 cents for net intangible amortization.
Management further anticipates momentum in key end-markets - cloud, power, auto and medical devices. However, rising global tax rates and a dynamic macro backdrop remain headwinds.
<h3>Zacks Rank</h3>
Flex currently carries a Zacks Rank #2 (Buy).
<h3>Performance of Other Companies</h3>
BlackBerry&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bb#NYSE">BB</a>) reported first-quarter fiscal 2025 adjusted loss per share of 3 cents is narrower than the company&#39;s estimate of a loss of 4-6 cents. In the year-ago quarter, it reported non-GAAP earnings of 6 cents per share. The Zacks Consensus Estimate was pegged at a loss of 4 cents per share.
Shares of BB have lost 48.9% in the past year.&nbsp;
Badger Meter, Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bmi#NYSE">BMI</a>) reported earnings per share of $1.12 for second-quarter 2024, beating the Zacks Consensus Estimate by 14.3%. Also, the bottom line compared favorably with the year-ago quarter&#39;s EPS of 76 cents.
Shares of BMI have gained 22% in the past year.&nbsp;
SAP SE (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sap#NYSE">SAP</a>) reported second-quarter 2024 non-IFRS earnings of &euro;1.10 ($1.18) per share, climbing 59% from the year-ago quarter&#39;s levels. The Zacks Consensus Estimate was pegged at $1.01.
In the past year, shares of SAP have gained 57.9%.
<a href="https://www.zacks.com/stock/news/2309145/flex-s-q1-earnings-surpass-estimates-revenues-decline-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2309145">To read this article on Zacks.com click here.</a>

FLEX

FLEX's Q1 Earnings Surpass Estimates, Revenues Decline Y/Y

BlackBerry Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bb#NYSE">BB</a>) division, QNX, recently strengthened its software portfolio by unveiling cutting-edge QNX Containers. The move represents a significant advancement in container technology for QNX-based devices.
QNX Containers facilitate the functioning and management of container technology on QNX-based devices. They offer a standards-based environment that harnesses the power of containerization while upholding the safety, security and reliability of the QNX microkernel model.
The state-of-the-art containers restrict features, including networking, filesystems, device access, memory access, communications and CPU, prioritizing secure and isolated embedded containers without compromising the top-notch performance and hard real-time capabilities of the QNX OS 8.
A notable aspect of QNX Containers is their ability to synchronize with the QNX Hypervisor environment. This allows the simultaneous use of both virtual machines and containers, empowering developers with flexibility in their choice of real-time operating systems and containerization strategies, per QNX.
QNX further highlighted its collaboration with multiple customers who have standardized its Hypervisor and OS, and these customers are eager to leverage QNX Containers.
Apart from adhering to the Open Container, QNX Containers support Kubernetes toolchains and Docker repositories. Also, the design of the container aligns with ISO 21434 security processes, impacting customer programs with functional safety certification.
QNX Containers are expected to be available in fourth-quarter 2024.
Waterloo, Canada-based BlackBerry is a global provider of intelligent security software and services to enterprises and governments. The company uses machine learning and artificial intelligence to provide cutting-edge solutions for cybersecurity, safety and data privacy. BlackBerry has aligned its software and services business around two key market opportunities &mdash; Cybersecurity and the Internet of Things (IoT).
In the last reported quarter, BlackBerry&#39;s revenues plunged 61.4% year over year to $144 million due to a slowdown in the Cybersecurity business, offset by healthy performance in the IoT business. Revenues from the Cybersecurity business totaled $85 million, which was down 8.6% year over year. However, it exceeded the company&#39;s revenue guidance of $78-$82 million.
Revenues from the IoT business totaled $53 million, which was up 18% year over year and surpassed the company&#39;s guidance of $48-$52 million.
BB expects fiscal second-quarter revenues to be in the band of $136-$144 million. For the Cybersecurity business, revenues are estimated to be in the range of $82-$86 million. For the IoT business, revenues are estimated to be between $50 million and $54 million for the current quarter.
The stock has lost 48.4% in the past year against the&nbsp;sub-industry&#39;s growth of 20.9%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/e5/71797.jpg?v=1840866969" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
BB currently has a Zacks Rank #3 (Hold).
<h3>Stocks to Consider</h3>
NVIDIA Corporation, sporting a Zacks Rank #1 (Strong Buy) at present, delivered a trailing four-quarter earnings surprise of 18.43%, on average. In the last reported quarter, it delivered an earnings surprise of 11.48%.
NVIDIA is the worldwide leader in visual computing technologies and the inventor of the graphic processing unit. Over the years, the company&#39;s focus evolved from PC graphics to AI-based solutions that support high-performance computing, gaming and virtual reality platforms.
Motorola Solutions Inc.&nbsp;provides services and solutions to government segments and public safety programs, along with large enterprises and wireless infrastructure services. Motorola carries a Zacks Rank #2 (Buy) at present.
It delivered a trailing four-quarter average earnings surprise of 7.54% and has a long-term growth expectation of 9.47%. In the last reported quarter, Motorola delivered an earnings surprise of 11.51%.
Silicon Motion Technology Corporation, carrying a Zacks Rank #2 at present, delivered a trailing four-quarter average earnings surprise of 4.72%.
SIMO is a leading developer of microcontroller ICs for NAND flash storage devices. The semiconductor company also designs, develops and markets high-performance, low-power semiconductor solutions for original equipment manufacturers and other customers.
<a href="https://www.zacks.com/stock/news/2304613/blackberry-bb-boosts-software-portfolio-with-qnx-containers?cid=CS-BENZ-FT-analyst_blog|company_news_tech_sector-2304613">To read this article on Zacks.com click here.</a>

Tech

Blackberry Boosts Software Portfolio With QNX Containers

BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) shares are trading marginally lower in the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39810757/blackberry-introduces-cylancemdr-pro-expansive-platform-ecosystem-powered-by-ai" rel="noreferrer noopener">premarket session on Wednesday</a>.
<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a> says BB stock has slumped over 47% in the past year.
Today, the company announced the launch of CylanceMDR Pro, a cutting-edge managed detection and response (MDR) service <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/n39810757/blackberry-introduces-cylancemdr-pro-expansive-platform-ecosystem-powered-by-ai" rel="noreferrer noopener">built on an Open XDR platform.</a>
CylanceMDR Pro is built to help security teams deal with modern cybersecurity challenges.
&#8220;CylanceMDR Pro is a game-changer for organizations seeking confidence in their cybersecurity posture,&#8221; said&nbsp;Nathan Jenniges, Senior Vice President and General Manager of BlackBerry Cybersecurity.
Also Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39650933/fubotv-to-bear-the-brunt-of-higher-legal-costs-against-espn-analysts-view" rel="noreferrer noopener">FuboTV To Bear The Brunt Of Higher Legal Costs Against ESPN &#8211; Analyst&#8217;s View</a>
BlackBerry said in a press release that it eases the burden of defending against advanced threats with limited resources and talent shortages.
CylanceMDR Pro is for growing businesses aiming to boost cybersecurity quickly without changing current security setup or hiring large teams.
Its advanced XDR system works smoothly with existing tools, giving thorough visibility across IT systems. With 300+ integrations, it turns business data into strong security sensors, catching threats that other tools might overlook.
&#8220;Across the industry, BlackBerry has observed close to a 250% increase in unique attacks per minute in the last year alone, with a continued trend in our latest&nbsp;Global Threat Intelligence Report,&#8221; said Jenniges.&nbsp;
Related: <a href="https://www.benzinga.com/news/earnings/24/06/39514037/blackberry-stock-jumps-on-q1-earnings-beat-the-details" target="_blank" rel="noreferrer noopener">BlackBerry Stock Jumps On Q1 Earnings Beat: The Details</a>
<h2 class="wp-block-heading">BB Stock Prediction 2024</h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) have an average 1-year price target of $3.36, representing an expected upside of 31.25%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on BlackBerry, while No analysts have bullish ratings. The street high price target from Raymond James is $4.75, while the street low from Canaccord Genuity is $2.7.
Price Action: BB shares are trading lower by 0.77% to $2.550 premarket at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Courtesy of BlackBerry
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39784950/elon-musk-to-pour-45m-monthly-in-pro-trump-super-pac-joined-by-palantirs-joe-lonsdale-winklevoss-twi" target="_blank" rel="noreferrer noopener">Elon Musk Reacts With ‘Fake Gnus' Post To Report Of $45M Monthly Funding For Pro-Trump PAC</a> </li>
</ul>

General

BlackBerry Launches AI-Powered CylanceMDR Pro Cybersecurity For Businesses: Details

Blackberry Announced The Launch Of CylanceMDR Pro, A Cutting-edge Managed Detection And Response (mdr) Service Built On An Open Xdr Platform Powered By AI

Raymond James analyst Steven Li maintains BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) with a Market Perform and lowers the price target from $5.5 to $4.75.

Price Target

Raymond James Maintains Market Perform on BlackBerry, Lowers Price Target to $4.75

BlackBerry Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bb#NYSE">BB</a>) reported first-quarter fiscal 2025 (ended May 31) adjusted loss per share of 3 cents, narrower than the company&#39;s estimate of a loss per share of 4-6 cents. 
In the year-ago quarter, it reported non-GAAP earnings of 6 cents per share. The Zacks Consensus Estimate was pegged at a loss of 4 cents per share. 
Quarterly revenues were $144 million compared with the prior-year quarter&#39;s figure of $373 million. However, the top line surpassed the company&#39;s guidance of $130-$138 million. Software product revenues contributed 85% to total revenues, while professional services contributed 15%.
<div class="chart_embed">
<h3>BlackBerry Limited Price, Consensus and EPS Surprise</h3>
<img alt="BlackBerry Limited Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/48/1719488964.png" style="height:265px; width:574px" title="" />
BlackBerry Limited price-consensus-eps-surprise-chart | BlackBerry Limited Quote
</div>
The company expects fiscal second-quarter revenues to be in the $136-$144 million range. For the Cybersecurity business, revenues are estimated to be in the band of $82-$86 million. 
For the Internet of Things (IoT) business, revenues are expected to be in the range of $50-$54 million for the current quarter. The company&#39;s top line is likely to gain from continued strength in royalties, along with an improvement in development seat license revenues. Licensing &amp; Other revenues are expected to be $4 million. 
The company reiterated its fiscal 2025 revenue projection in the band of $586-$616 million. For the Cybersecurity business, revenues are estimated to be in the $350-$365 million range despite weak macroeconomic conditions that continue to elongate sales cycles. 
Revenues are estimated to be in the band of $220-$235 million for the IoT business. Management added that challenges faced by automakers in delivering software development programs should remain an overhang on the QNX business. 
Licensing &amp; Other revenues are expected to be $16 million. 
Following the announcement, the company&#39;s shares have risen 7.7% in the pre-market trading on Jun 27, 2024. The stock has lost 55.9% in the past year compared with the sub-industry&#39;s growth of 29.1%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4d/69702.jpg?v=339531374" /> 
Image Source: Zacks Investment Research
<h3>Quarter in Details</h3>
Revenues from the Cybersecurity business totaled $85 million, which was down 8.6% year over year. However, it exceeded the company&#39;s revenue guidance of $78-$82 million. Revenues were driven by improved annual recurring revenue&nbsp;and strength in the SecuSmart business. Cybersecurity ARR increased 2% sequentially to $285 million. 
Revenues from the IoT business totaled $53 million, which was up 18% year over year, and surpassed the company&#39;s guidance. BB had projected IoT revenues in the first quarter to be $48-$52 million. The uptick was attributed to strong revenues from royalties and professional services. Owing to the timing of OEM programs, development seat revenues came in lower than the previous quarter. 
Licensing and Other contributed $6 million, which was down from $235 million a year ago. BB projected the segment to deliver revenues of approximately $4 million in the fiscal first quarter.
<h3>Other Details</h3>
Gross profit declined 46.4% from the year-ago quarter to $96 million. Gross margin improved to 66.7% from 48% in the prior-year quarter. 
However, non-GAAP gross margin was 67.4% compared with 48.3% on a year-over-year basis. 
Total non-GAAP operating expenses were $109 million, which was down 24.8%. Adjusted operating loss was $12 million against an adjusted operating income of $35 million a year ago. 
Adjusted EBITDA loss came in at $7 million against an adjusted EBITDA of $41 million in the year-ago quarter. The company had projected adjusted EBITDA loss to be $15-$25 million.
<h3>Cash Flow &amp; Liquidity</h3>
For the quarter that ended on May 31, 2024, BlackBerry used $15 million of net cash in operating activities compared with $99 million cash generated in the prior-year quarter. 
As of May 31, BlackBerry had $283 million in cash, cash equivalents, short-term and long-term investments.
<h3>Zacks Rank &amp; Stocks to Consider</h3>
At present, BlackBerry carries a Zacks Rank #3 (Hold). 
Some better-ranked stocks worth consideration in the broader technology space are NVIDIA Corporation, Arista Networks&nbsp;and Woodward (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wwd#NASDAQ">WWD</a>), currently sporting a Zacks Rank #1 (Strong Buy) each. 
The Zacks Consensus Estimate for NVIDIA&#39;s fiscal 2025 EPS is pegged at $2.68, which increased 12.1% in the past 60 days. NVIDIA&#39;s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 18.4%. The long-term earnings growth rate is 37.6%. Shares of NVDA have risen 207.4% in the past year. 
The Zacks Consensus Estimate for Arista Network&#39;s 2024 EPS is pegged at $7.92, which increased 5.7% in the past 60 days. The long-term earnings growth rate is 16.1%. ANET&#39;s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 15.4%. Shares of ANET have gained 114.7% in the past year. 
The Zacks Consensus Estimate for Woodward&#39;s fiscal 2024 EPS has increased 11.6% in the past 60 days to $5.88. WWD&#39;s earnings beat the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 26.1%. The long-term earnings growth rate is 16.5%. Shares of WWD have risen 51.2% in the past year.
<a href="https://www.zacks.com/stock/news/2294401/blackberry-bb-q1-earnings-beat-estimates-revenues-down-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2294401">To read this article on Zacks.com click here.</a>

BlackBerry Q1 Earnings Beat Estimates, Revenues Down Y/Y

RBC Capital Markets analyst Paul Treiber reiterated the Sector Perform rating on BlackBerry Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>), <a target="_blank" href="https://www.benzinga.com/quote/BB/analyst-ratings" rel="noreferrer noopener">with a price forecast of $3</a>.
BlackBerry&#8217;s first-quarter revenues of $144 million exceeded estimates, driven by a robust performance in its cybersecurity segment. BlackBerry&#8217;s cybersecurity revenue is expected to range between $82 million and $86 million in the second quarter.
Check This Out: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/06/39520026/why-blackberry-shares-are-gaining-thursday" rel="noreferrer noopener">Why BlackBerry Shares Are Gaining Thursday</a>
According to the analyst, visibility to near-term profitability is improving, and BlackBerry plans to provide segmented financials in October.
Near-term stabilization of BlackBerry&#8217;s business and profitability may help lift valuation from trough levels, Treiber writes.
BlackBerry announced another $20 million of cost savings, which brings total annual savings to $125 million of the company&#8217;s $150 million target. Given the time to realize savings, the analysts note that the cuts are more likely to impact FY26.
Treiber raised FY26 adj. EBITDA estimates from $34 million to $41 million. The company also announced that it will provide fully segmented financials at its investor day in October.
However, the analyst cautioned that the company operates in markets with significant competition.
Per the analyst, a material re-rating in the stock is likely to be dependent on sustained profitability and growth, along with other potential value-creation strategies (e.g. sale/spin-out of Cyber).
The analyst lowered the FY25 revenue estimate to $600.2 million from $600.4 million.
Price Action: BB shares are trading higher by 9.28% to $2.415 at last check Thursday.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39511884/nios-upcoming-onvo-l60-reportedly-shows-striking-similarities-to-tesla-models-in-spy-shots" target="_blank" rel="noreferrer noopener">NIO&#8217;s Upcoming Onvo L60 Reportedly Shows Striking Similarities To Tesla Models In Spy Shots</a>
Courtesy of BlackBerry

Analyst Color

Reiteration

Blackberry's Visibility To Near-term Profitability Is Starting To Improve - Analyst Eyes Value-creation Strategies

RBC Capital analyst Paul Treiber reiterates BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) with a Sector Perform and maintains $3 price target.

RBC Capital Reiterates Sector Perform on BlackBerry, Maintains $3 Price Target

Canaccord Genuity analyst Kingsley Crane maintains BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) with a Hold and lowers the price target from $3.25 to $2.7.

Canaccord Genuity Maintains Hold on BlackBerry, Lowers Price Target to $2.7

<ul>
<li>NVDA</li>
<li>MU</li>
<li>TSLA</li>
<li>HIMS</li>
<li>BB</li>
<li>AI</li>
<li>RIVN</li>
<li>AAPL</li>
<li>WAY</li>
<li>WBA</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
&nbsp;

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HIMS

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RIVN

TSLA

Top 10 Trending Stocks On WallStreetBets As Of June 27 2024 (Via Swaggy Stocks)

CIBC analyst Todd Coupland upgrades BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) from Neutral to Outperformer.

Upgrades

CIBC Upgrades BlackBerry to Outperformer

Baird analyst Luke Junk maintains BlackBerry (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BB#NYSE">BB</a>) with a Neutral and lowers the price target from $3.5 to $3.

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