BlackBerry CEO Says Turnaround ‘Taking Longer Than I Expected’
- Shares drop as analysts see rich valuation after soft earnings
- Chen urges patience, says firm is hiring new staff for growth
This article is for subscribers only.
BlackBerry Ltd. fell as much as 7.3% after three analysts downgraded the stock, but Chief Executive Officer John Chen urged patience and said he’s boosting the sales force to improve growth.
The Waterloo, Ontario-based software company posted $174 million in revenue for the fiscal first quarter ended May 31, down 16% from the same period last year. Analysts had expected sales of $178 million.