June 22, 2018 / 2:40 PM / in 6 months

BUZZ-BlackBerry: Dives on disappointing forecast

(Updates)

** Shares reverse course after Canadian software company flags slowing sales in its software and services business due to switch to subscription-based model

** Shares down 9.7 pct, their biggest one-day pct loss in a year; stock was up 2 pct premarket

** BB expects 8-10 pct growth next year in its biggest segment vs 20 pct in 2018

** “That’s mainly due to company having to recognize enterprise software revenue based on subscription,” says Ali Mogharabi from Morningstar

** Q1 adj. EPS $0.03 vs. est. $0.00, per I/B/E/S

** Beats earns est. for 9 straight qtrs

** Tops rev est. of $208 mln by $5 mln

** Up to Thursday’s close, BlackBerry’s Canada listed shares up ~11 pct, U.S. listed shares up ~5 pct in same period (Reporting by Parikshit Mishra and John Benny in Bengaluru)

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