Oppenheimer Reiterates Perform Following BlackBerry's (BBRY) Q1 EPS Miss
Oppenheimer reiterates a Perform rating on BlackBerry (NASDAQ: BBRY) following 1Q16 results. BBRY reported revenues of $658M below consensus of $682M. Non-GAAP EPS was also below consensus at -$0.05 compared to -$0.03. However, both results were above Oppenheimer's estimates of $590M revenue and $-0.13 EPS.
Analyst Andrew Uerkwitz commented, "BlackBerry reported F1Q16 revs/non-GAAP EPS of $658M/-$0.05, below consensus $682M/-$0.03 but above our $590M/-$0.13. BBRY's F1Q16 handset unit sales were in line with our bearish view; however, better than expected ASP and strong software revenues (led by licensing!) contributed to better-than-expected results. BBRY reiterated its focus on profitability and cautious optimism. BBRY continues to cut costs in its handset business, but we now think it faces irreversible deterioration. We raise our FY16E slightly for updated results. Reiterate Perform."
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Shares of BlackBerry closed at $8.81 yesterday.