DJ BlackBerry Reports Wider 1Q Loss, Revenue Misses Wall Street Targets Amid Pandemic -- Earnings Review

By Maria Armental

BlackBerry Ltd. reported a wider first-quarter loss, driven by a roughly $594 million goodwill impairment charge, and said it wouldn't give financial projections, citing the coronavirus pandemic. Here's what you need to know:

LOSS: Net loss widened to $636 million, or $1.14 a share, from $35 million, or 9 cents a share, a year earlier. The quarter included a roughly $594 million non-cash, one-time goodwill impairment charge primarily related to the BlackBerry Spark reporting unit. On an adjusted basis, the company reported a profit of 2 cents a share, up from a penny a share a year earlier. Analysts surveyed by FactSet had expected an adjusted loss of 2 cents a share.

REVENUE: Revenue fell to $206 million from $247 million a year earlier. On an adjusted basis, revenue fell to $214 million from $267 million a year earlier, missing analysts' projected $215.8 million.

OUTLOOK: The company said it wouldn't give financial projections for the current year, citing uncertainty about the business impact of the coronavirus pandemic.

PANDEMIC: "BlackBerry QNX was impacted by macro headwinds in the auto and other embedded sectors but we are starting to see signs of a recovery," Chief Executive John Chen said in a statement. "On the enterprise front, we saw good demand from customers who recognized the necessity for BlackBerry's security, business continuity and productivity solutions in an increasingly remote working environment."

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

June 24, 2020 17:13 ET (21:13 GMT)

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