BlackBerry shares sink after preliminary Q2 revenue misses estimates

Shares of BlackBerry

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.

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