Canada's BlackBerry Ltd missed quarterly revenue estimates and cut the top ...
) missed quarterly revenue estimates and cut the top end of its full-year forecast on Tuesday, hurt by weakness in sales of enterprise software, sending its shares down as much as 19% to near four-year lows.
Once known for its phones before losing out to Apple Inc’s iPhones and Android devices, BlackBerry now sells security software such as those used by corporations and government agencies. The company is also focusing on software used in emerging areas like driverless cars. The technology solutions segment, which houses QNX - a software used by carmakers to provide infotainment and other services to customers - continued to perform well with double-digit growth, but there was softness in the ESS business, Chief Executive Officer John Chen said on a post-earnings call.“I would say that the weakness of ESS is really on execution,” Chen said, attributing it to changes in its sales team.
In response to a question from an analyst about competition, Chen said the company saw Microsoft Corp being “a little bit more aggressive”.
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