Shares

BlackBerry Share Price Sinks Further On Gloomy Earnings Outlook

Published by
Written By: Eno Ikenna Eteng
Share
    Summary:
  • The BlackBerry share price is set for a further descent after negative projections of its price performance amid a gloomy earnings outlook.

The BlackBerry share price continues its relentless decline as the cybersecurity software and services company’s earnings have been projected to suffer a steep decline. 

Zacks Consensus Estimates is projecting that revenue and earnings would fall to $734 million and -$0.20 per share. The general consensus is a loss per share of $0.06, representing a 400% decline year-on-year. The consensus of seven analysts covering the BlackBerry share price indicates an “underperform” rating, with a mean target price of $829.

BlackBerry’s woes stem from its failure to adapt quickly to the lockdown periods, losing a significant market share of its business to its competition. Its performance lags those of the S&P 500 index and the Computer and Technology sector within that index. The BlackBerry share price is down 4.16% on the day.

BlackBerry Share Price Outlook

The intraday decline is challenging the 9.52 support, having violated that price mark, which has held back bearish moves below that area since July. A breakdown of this support opens the door for a continued decline towards 9.01. The 11 May low of 7.81 is also in the running as a potential target to the downside.

A bounce on 9.52 has to be followed by additional buying momentum for 10.84 to come back into view. 11.91 and 13.42 are additional price targets to the north, only available if the bulls take out 10.84.

BlackBerry: Daily Chart

Follow Eno on Twitter.

This post was last modified on Nov 30, 2021, 18:58 GMT 18:58

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng