BlackBerry, the security software company, announced lower than expected preliminary revenue for the second quarter. The company attributed this to the timing of certain larger deals. Despite this, BlackBerry maintains its guidance for full-year cybersecurity and licensing revenue. However, it has revised its forecast for IoT revenue due to changes in production schedules. Following the news, shares in BlackBerry fell by 12% to $4.90 after-hours.
WestRock Nears Deal to Combine with Smurfit Kappa
WestRock, a packaging company, is reportedly close to finalizing a deal with Dublin-based packaging company Smurfit Kappa. According to insiders, if negotiations proceed smoothly, an announcement may be made as early as next week. Should the deal go through, the two companies would merge to become a global paper and packaging giant with an estimated value of $20 billion. As a result of this news, WestRock shares increased by 11% to $35.58 after-hours.
Sportsman’s Warehouse Reports Sales Slowdown with Profit Loss
Sportsman’s Warehouse, an outdoor specialty retailer based in Utah, experienced a considerable slowdown in sales during the recently completed quarter, resulting in a loss for the company. Sales decreased by 11.8%, while same-store sales saw a decline of 16.1%. To boost sales throughout the rest of the year, Sportsman’s Warehouse plans to adopt a more aggressive approach in terms of promotions and markdowns. Following this announcement, shares in the company fell by 18% to $3.70 after-hours.