: BlackBerry stock dips after earnings show issues in cybersecurity business
  [Source: MarketWatch.com - MarketPulse 2023/03/31-11:13]

BlackBerry Ltd. BB shares declined in after-hours trading Thursday after the company released preliminary fourth-quarter numbers that came up short of sales expectations amid troubles closing cybersecurity-software deals. BlackBerry reported a year-over-year decline in revenue to $151 million from $185 million, while analysts on average were expecting $154.7 million, according to FactSet. The company reported a loss of $495 million, or 85 cents a share, after reporting a loss of 3 cents a share in the same quarter a year ago. After adjusting for stock compensation and a large impairment charge that was previously disclosed, the company reported an adjusted loss of 2 cents a share, down from adjusted earnings of a penny a share a year ago. Analysts on average were projecting an adjusted loss of 8 cents a share, according to FactSet. BlackBerry executives said that they were having issues closing new deals for cybersecurity software — a key segment for a company more well-known for its former cellphone business — as customers increase scrutiny on costs. “Macro challenges were a key factor for BlackBerry’s cybersecurity business unit this quarter, with elongated sales cycles in government causing some large deals to slip into later quarters,” Chief Executive John Chen said in a statement. Chen insisted in a conference call that the missing sales were delayed instead of lost, and BlackBerry executives guided for fiscal-year cybersecurity revenue of $425 million to $450 million and IoT revenue of $240 million to $250 million, which both beat analysts’ expectations. Analysts on average were projecting cybersecurity revenue of $431.9 million and IoT sales of $229.8 million, according to FactSet. Executives expect to revise long-term targets for its cybersecurity business at a May 17 analyst day presentation. BlackBerry shares declined 4.5% in after-hours trading, following a 0.5% gain to $4 in regular trading. BlackBerry’s stock has dropped more than 47% in the past 12 months, as the S&P 500 index SPX has declined 17.3%, but has been moving higher this year, increasing 23.1% year-to-date.

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: Netflix to make fewer movies, 2 execs to depart: reports
  [Source: MarketWatch.com - Top Stories 2023/03/31-09:38]

Netflix Inc. is cutting ties with two longtime creative executives amid a restructuring that will result in the streaming service making fewer movies each year, according to reports late Thursday.