Canada's BlackBerry Ltd missed Wall Street estimates for fourth-quarter revenue on Tuesday, even as the company said sales of its QNX car software showed improvement.
U.S.-listed shares of BlackBerry, which sells security software to companies and governments as well as infotainment software to carmakers, fell nearly 4per cent in extended trading.Demand for the company's QNX car software, used by automakers such as Volkswagen and Ford Motor, had been under pressure due to a slow recovery in the U.S. auto industry amid a global semiconductor shortage and pandemic-related weakness.
BlackBerry was also one of the so-called"stonks" that received major attention from investors after a social-media driven retail short squeeze frenzy. The term"stonk" is used to describe stocks with convoluted prospects that are popular with retail traders on online forums.Advertisement
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