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Omar Venerio
Omar Venerio
Articles (1456) 

2 Stocks Move on Thursday

Pier 1 Imports, BlackBerry move on financial results

December 21, 2018 | About:

Shares of Pier 1 Imports Inc. (NYSE:PIR) plummeted more than 58% on Thursday after the company announced a loss of 36 cents per share on revenue of $413.23 million for the third-quarter fiscal of 2019, an 11.9% year-over-year decline. The company fell short of estimates by 30 cents and missed revenue expectations by $38.86 million.

In the quarter, Pier 1's gross profit reached $130.5 million, or 31.6% as a percentage of net sales, lower when compared to $176.7 million, or 37.7% of net sales, for the same trimester of fiscal 2018.

Gross profit for the year-to-date period of fiscal 2019 was $344.1 million, or 30.2% of net sales, lower than $468.4 million, or 36.4% of net sales, for the same period the previous year.

Shares of BlackBerry Ltd. (NYSE:BBgained 3% on Thursday after announcingthird-quarter results. The company posted earnings of 6 cents per share and revenues of $228 million, a 3.0% declined from the same trimester of 2017. The company beat earnings estimates by 3 cents and revenue estimations by $14.63 million.

"We delivered another solid quarter of performance, resulting in year-over-year double-digit percentage growth for total software and services revenue, earnings per share, and free cash flow" said John Chen, the company's executive chairman and CEO.

Non-GAAP operating income was $27 million, while the GAAP operating income was $58 million.

Looking ahead to fiscal 2019, the company expects total software and services revenue to increase by 8% to 10%.

Despite these results, BlackBerry shares have declined more than 30% since the beginning of the year.

Disclosure:The author holds no position in any stocks mentioned.

About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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