Shares of BlackBerry (NYSE: BB), a provider of security-focused software and services for enterprises, took a hit on Wednesday. The stock fell as much as 10.1% but is down about 9% as of 12:30 p.m. EDT.
The stock's pullback follows BlackBerry's underwhelming fiscal first-quarter earnings release.
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For its first quarter of fiscal 2020, BlackBerry reported non-GAAP (adjusted) revenue of $267 million, up 23% year over year. GAAP revenue was $247 million, up 16% year over year.
Growth during the quarter was partly helped by BlackBerry's recent acquisition of endpoint security technology specialist Cylance. Excluding revenue from Cylance, BlackBerry's non-GAAP software and services revenue was up 8% year over year. Some analysts, according to Bloomberg, were expecting Cylance to contribute more revenue during the quarter.
Non-GAAP earnings per share for the period was $0.01 -- a penny ahead of analysts' average forecast.
BlackBerry management is happy with the company's start to fiscal 2020, noting that its Cylance acquisition is ahead of schedule. In addition, BlackBerry says it has a "robust product cycle this year, with over 30 new secure communication products and services to be released."
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