BlackBerry (TSX:BB) shares plummeted after the cybersecurity firm issued a weaker-than-expected revenue outlook.
For Q1, BlackBerry said it expects revenue between $107 million and $115 million, below the consensus of $125.1 million.
This drew focus from a fourth quarter earnings beat. Adjusted earnings per share of $0.03 beat the consensus of $0.00.
Revenue for Q4 was $14.17 million, ahead of estimates of $129.7 million.
"BlackBerry closed out this transformational fiscal year with another quarter of strong financial performance from all three divisions: QNX, Secure Communications and Licensing,” BlackBerry CEO John Giametto said in a statement.
“BlackBerry goes into the new fiscal year in a strong financial position, with a solid balance sheet that provides optionality for driving shareholder value."
BlackBerry shares fell 22% to about $2.90 shortly before Wednesday’s opening bell.