BlackBerry (BB) shares tumbled 5.31% in pre-market trading on Thursday, extending the previous day's losses, as investors continued to react to the company's disappointing fiscal 2026 outlook and subsequent analyst downgrades.

The Canadian technology firm, which reported its fourth-quarter results on Wednesday, projected fiscal 2026 revenue between $504 million and $534 million, falling short of analyst expectations of $550.6 million. The company's first-quarter guidance also missed the mark, with projected revenue of $107 million to $115 million, well below the $128.4 million analyst consensus. This weak outlook overshadowed BlackBerry's better-than-expected fourth-quarter performance, where revenue reached $141.7 million and adjusted earnings per share came in at $0.03.

Adding to the pressure on BlackBerry's stock, several analysts have cut their target prices following the earnings report. RBC lowered its target price to $3.75 from $4, while CIBC reduced its target to $6 from $7. These downgrades reflect growing concerns about BlackBerry's ability to meet its financial targets in the coming fiscal year, despite CEO John Giamatteo's emphasis on strong performance across the company's three divisions and improved financial position following the sale of its Cylance cybersecurity business.