Shares of BlackBerry (NYSE: BB) dipped 18.1% in March, according to data from S&P Global Market Intelligence. The stock had made big gains early in the year thanks to short-squeeze momentum, but the company’s valuation slid last month due to weaker-than-expected quarterly results and widespread sell-offs for growth-dependent tech companies.
BlackBerry published its fourth quarter results on March 30, and the report was a dud on multiple fronts. Sales fell roughly 25% year over year to come in at $215 million on a non-GAAP (adjusted) basis, while the average analyst estimate had called for revenue of $245 million in the period. The company’s adjusted earnings per share came in at $0.03, which was in line with expectations, but its GAAP loss of $0.56 per share was much worse than the $0.03 per share target suggested by the average analyst estimate.