This meme stock opened 10% down on Friday

BlackBerry Ltd (NYSE: BB) stock opened 10% down on Friday after the cybersecurity company reported lower-than-expected revenue for its fiscal fourth quarter.

Q4 financial highlights

• Adjusted EPS came in at 1 cent a share versus a loss of 5 cents expected.
• Revenue of $185 million was shy of Street expectations by $2.0 million.
• Cybersecurity revenue stood at $122 million, as per the earnings press release.
• IoT sales topped $50 million for the first time since the start of the COVID crisis.
• Generated $10 million in net cash from operations in fiscal Q4.
• BlackBerry recorded $11 million in licensing and other revenue.

Earlier in March, RBC Capital Markets upgraded BlackBerry to “Sector Perform” citing valuation.

CEO John Chen’s remarks

In the earnings press release, CEO John Chen said billings momentum was expected to continue in 2022.

On the conference call, however, he agreed that supply constraints continued to be a challenge for the company.