Shares of BlackBerry
BB,
fell after hours Wednesday after the company reported preliminary fiscal second-quarter revenue below analysts’ estimates.
The stock was down more than 7% in after-hours trading, after declining 0.7% at Wednesday’s close. Shares have risen 70% this year.
The Waterloo, Ontario-based security software company said that its results were affected by delays in the closing of certain large deals, leading to an expected second-quarter revenue of $132 million, lower than Wall Street expected.
The company also lowered its guidance for its IoT unit because of changes to production schedules of certain automakers.