BlackBerry reports Q1 earnings on Wednesday
Cybersecurity firm Blackberry is scheduled to report first-quarter 2020 earnings results before the market opens on Wednesday, June 26. Analysts expect the Canadian firm to report breakeven earnings, on $264.5 million in revenues, representing a 22% year-over-year increase.
The company ushers 2020 on a strong note, after delivering on two promises in fiscal 2019. It had vowed to become non-GAAP profitable and cash flow positive in 2019, both of which it ticked off when it last reported results. Similarly, it achieved software sales growth of 10% during this period, at the higher end of its projection of 8-10%.
BlackBerry holds long-term prospects as a cyber-security expert that has been recognized and endorsed by government agencies, including the National Security Agency. Add to that the fact that the cyber-security market is projected to grow from the current $120-billion valuation to $300 billion by 2024. Meanwhile, Blackberry estimates the value of its available market at about $22 billion.
With cyber threats increasing exponentially on a daily basis, BlackBerry’s relevance is getting bumped up simultaneously.
The company is now digging deep into the Internet of Things and driver assistance platforms. The recent acquisition of AI-based cybersecurity firm Cylance is expected to provide tailwinds to Blackberry in this mission.
Look out for any management comments on Cylance’s impact on BlackBerry’s financials in this and next financial year.
A majority of the analysts covering the stock has a Hold rating. The stock has a 12-month average price target of $10.20, suggesting a 20% upside from the last close.
source alphastreet
Industry: Cyber Security
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