BlackBerry Ltd (NYSE: BB) reported its earnings till May 2023 at June’s end. BB stock price saw a jump, given the optimum following the position earnings result. The tech company has witnessed an impressive profit per share and generated far better revenue than expected.
The company was once leading flagship mobile space but ventured into different streams following its core business, got heavily affected, and eventually shut down. At present, the main operations for the company are: cybersecurity and enterprise software.
The Canadian tech company reported profits with a surprise of 11 cents per share. It reported 6 cents per share profit, significantly above the estimate of -5 cents per share. Revenue for BlackBerry also impressed, as it reported $373 Million in revenue, which was higher than the estimated value of $160.4 Million.
BlackBerry Ltd (NYSE: BB) stock maintained an upward momentum following the recent earnings release. However, the historical pattern in BB stock price movements following the earnings call suggests the momentum remains short lived. So, the recent jump in price is expected to follow the similar course akin to past movements.
BlackBerry Ltd (NYSE: BB) Stock Price Movement
Currently, BlackBerry stock is trading at $5.14 following a 1.91 % drop in the last intraday session on Wednesday, July 5, 2023. Following the earnings call on June 28, 2023, the BB stock price jumped up to 20%, according to Reuters.
The price is within the range of $4.9 to $5.7 as the movement shows in the past several days, and the price level acts as support and resistance respectively. BB stock price maintains the movement above the trendline.
In case of breaking the trendline and the price sliding below the support of $4.9, it is likely to fall in the lower range of $3.8 to $4.9 price zone. On the flip side, if the BlackBerry share price continues to move upwards and moves beyond $5.7, then it is likely to enter the upper range till $6.4.
Regardless of either lower side or the upper, the BB stock price is likely to consolidate and any sudden move, upward or downward, is unlikely.
During the intraday session when BB stock loses 1.9% of its value, major Wall Street indexes also performed nearly the same, given the all-around poor stock market trading session. S&P 500 Index fell 0.20% and Dow Jones Industrial Average lost 0.38% value within the similar timeframe.
BlackBerry stock price attained its 52-week high of $7.2 in August last year and is currently down by about $2.06 or over 28%.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/06/blackberry-ltd-nyse-bb-stock-price-enjoys-short-rally-till-when/