BlackBerry stock slammed by revenue miss as earnings report highlights nonstandard numbers
BlackBerry Ltd. shares closed 23% lower Tuesday, after the cybersecurity company posted another loss for its second quarter, while revenue fell short of estimates, in a report that included the prominent use of nonstandard numbers.
The Waterloo, Ontario–based company BB, -1.89% led its second-quarter report with non-GAAP revenue, or revenue that does not conform with Generally Accepted Accounting Principles. The company derived that number by adding revenue from an acquisition, an accounting presentation that is not allowed under GAAP rules, as MarketWatch reported last quarter.
The company also, again, adjusted numbers to recognize commission expenses on the revenue added back in, even though it won’t recognize either sum on its books. Read Full Article - MarketWatch, September 25, 2019