BlackBerry Ltd. shares were lower Wednesday morning after the company reported lower revenue but a narrowed loss in the second quarter of fiscal 2023.
At 9:47 a.m. ET, BlackBerry’s Toronto-listed shares were down 3.2% at 6.77 Canadian dollars (US$4.93), recovering slightly from a low of C$6.59 closer to market open.
On Tuesday after markets closed, the Canadian cybersecurity company reported revenue that fell to US$168 million from US$175 million a year ago.
Analysts polled on FactSet expected a greater decline, to US$162.4 million.
BlackBerry’s cybersecurity segment generated revenue of US$111 million, an 8% decrease year-over-year.
Meanwhile, net loss was US$54 million, or 10 U.S. cents a share, compared with US$144 million, or from 25 U.S. cents a share.