BlackBerry shares fall despite Q1 profit; revenue lower than analysts expected + MORE Jun 23rd

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Canada’s main stock index is up sharply this morning despite some drag from lower shares of BlackBerry (TSX:BB).
The Toronto Stock Exchange’s S&P/TSX composite index advanced 101.78 points to 15,321.68 after 90 minutes of trading.
The gains were largely due to resource stocks that more than offset an 11 per cent decline for BlackBerry after its first-quarter software revenue came in below analyst expectations.
In New York, the Dow Jones industrial average gained 10.21 points to 21,407.50, the S&P 500 index added 4.55 points to 2,439.05, and the Nasdaq composite index was up 14.96 points to 6,251.64.
The Canadian dollar was trading at 75.44 cents US, down from Thursday’s average price of 75.52 cents US.
The August crude contract was up 37 cents at US$43.11 per barrel and the July natural gas contract advanced four cents at US$2.94 per mmBTU.
The August gold contract gained $7.40 to US$1,256.80 an ounce and the July copper contract added two cents at US$2.62 a pound…

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CIBC closed its acquisition of Chicago-based PrivateBancorp on Friday, securing its foothold in the U.S. where CEO Victor Dodig said the bank hopes to one day generate a quarter of its earnings.

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BlackBerry CEO John Chen defended his plan to grow the software business as its shares tumbled Friday after reporting revenue that fell short of expectations.
The company said first-quarter revenue came in at US$235 million, down from US$400 million a year ago and below analyst expectations of US$264.9 million, according to Thomson Reuters.
On the Toronto Stock Exchange, BlackBerry (TSX:BB) shares slid 11.12 per cent or $1.63 to $13.03 in early afternoon trading. That setback came after its stock had gained momentum in recent weeks, hitting a four-year high earlier this month.
Chen said during a media roundtable he believes analysts expected last quarter’s one-time US$27 million in professional services revenue would reoccur.
Still, BlackBerry outperformed on a number of other benchmarks, including net income, where it reported a profit of US$671 million, a turnaround from the US$670 million loss in the same quarter a year ago. The latest quarter was boosted by a one-time payment received as a rebate from Qualcomm _ one of its suppliers _ after an arbitrator ruled in BlackBerry’s favour…

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