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Company News

BlackBerry misses quarterly revenue estimates on virus hit

June 24 (Reuters) - Canada’s BlackBerry Ltd reported quarterly revenue below Wall Street estimates on Wednesday, as weakness in the auto industry due to the COVID-19 crisis squeezed demand for its QNX software for cars.

Total revenue for the first quarter ended May 31 fell 16.6% to $206 million from a year earlier. Analyst had expected revenue of $214.1 million, according IBES data from Refinitiv.

Net loss widened to $636 million, or $1.14 per share, from $35 million, or 9 cents per share. Net loss includes impairment charge of $594 million related to its Spark reporting unit. (Reporting by Ayanti Bera in Bengaluru; Editing by Shinjini Ganguli)

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