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Highlights:
- BlackBerry reported Q3 2023 revenue of C$ 169 million.
- Bank of Nova Scotia paid a quarterly dividend of C$ 1.03 per share.
- Nova Scotia posted Q4 2022 revenue of C$ 7,626 million.
The year 2020 was quite volatile, and there were upheavals in the US equity market. The market sentiment remained gloomy throughout the year. Be it tech, retail, or consumer stocks, inflation and interest rate hikes triggered the fall of every sector and company. In fact, the first half of 2022 was the worst first half of a year after 1970. The fear of a looming recession also weighed on the stock market. So, how will be the stock market in 2023? Will it be better than 2022? Speculations continue among investors and the broader market.
Amid, we look at two TSX stocks and their performances in recent quarters:
BlackBerry (TSX:BB)
BlackBerry is a software solutions provider, earlier known for being the largest smartphone maker in the world. It helps enterprises with end-to-end secure communications. The P/B ratio of the company is 1.566 at the time of writing. In the third quarter of fiscal 2023, BlackBerry posted revenue of C$ 169 million compared to C$ 184 million in the same quarter a year ago. In Q2 2023, the revenue of the company was C$ 168 million. The IoT (Internet of things) revenue in the reported quarter of 2023 was C$ 51 million. BlackBerry's total GAAP and non-GAAP gross margin in the third quarter of 2023 was 64 per cent.
The software company said its Q3 2023 licensing and other revenue came to C$ 12 million, with a gross margin of 67 per cent. It registered a software and services revenue of C$ 157 million in Q3 2023.
BlackBerry posted total cash and cash equivalents and investments of C$ 505 million in the third quarter of 2023.
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Bank of Nova Scotia (TSX:BNS)
Nova Scotia holds a dividend yield of 6.207 per cent and paid a quarterly dividend of C$ 1.03 per share. It has a three-year dividend growth of 4.64 per cent. The global financial services provider, Bank of Scotia, has an EPS of 8.05 and a P/E ratio of 8.20.
The company recently reported its fourth quarter of fiscal 2022 results and posted a net income of C$ 2,093 million compared to C$ 2,559 million in the year-ago quarter. The total revenue in the fourth quarter of 2022 was C$ 7,626 million versus C$ 7,687 million in the corresponding quarter in 2021. The bank's net interest income in Q4 2022 saw a 10 per cent jump to C$ 4,622 million from the year-ago quarter. The company said that higher margins across all business lines propelled it.
Bottom line:
It is challenging to make investments in a bearish market. Market volatility in 2022 kept many an investor tensed and away from it. However, if you have a long-term strategy and do your analysis well, chances are that your money will stay protected in the short term. So, until the market remains volatile, try to stay invested for longer and pick your stocks only after completing your due diligence.
Please note: The above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
