Investors in the stock market tried to put a tough first quarter behind them on Friday morning, and it looked as though the second quarter would get off to a reasonable good start. As of 8 a.m. ET, futures on the Dow Jones Industrial Average (^DJI -0.53%) were up 164 points to 34,782 as investors awaited the latest news on the employment front. S&P 500 (^GSPC -0.54%) futures gained 21 points to 4,551, and Nasdaq Composite (^IXIC -0.66%) futures rose 78 points to 14,947.

Unfortunately, some stocks weren't able to do as well as the overall market. BlackBerry (BB -0.72%) saw its stock fall after reporting its latest financial results. Yet its declines were small compared to the much more extensive fall for a newly public stock in the space industry. Read on to find out more about both companies and why their shareholders aren't celebrating Friday.

BlackBerry keeps investors waiting on its recovery

Shares of BlackBerry were down more than 4% in premarket trading on Friday morning. The former smartphone giant's fourth-quarter and full-year fiscal 2022 results didn't inspire a huge amount of confidence in the trajectory of its turnaround efforts, despite showing at least some progress.

BlackBerry's numbers were mixed. Quarterly revenue of $185 million was down 12% year over year. Although operating income reversed year-earlier losses and total net income came in at $144 million, BlackBerry found itself in the unusual position of having a net per-share loss of $0.03 on a diluted basis. Adjusted quarterly earnings eked out a gain of $0.01 per share. Full-year numbers showed the same trend, with sales falling nearly 20% and adjusted losses of $0.10 per share.

Nevertheless, BlackBerry tried to put the best possible spin on the situation. CEO John Chen highlighted the recovery in its Internet of Things business, which had its best quarter since the beginning of the COVID-19 pandemic. The company is also hopeful for its cybersecurity business. Even so, BlackBerry is still facing huge challenges, including supply chain bottlenecks and the war in Ukraine.

BlackBerry is a much different company than it was in its smartphone heyday, but key products like its QNX embedded operating system for connected and autonomous vehicles could hold a lot of future promise. Still, with the stock having gone nowhere for the past five years, many shareholders are losing patience with the company.

Person floating in weightlessness in a space station corridor.

Image source: Getty Images.

Redwire sees red

Shares of Redwire (RDW -1.03%) performed even worse Friday morning, falling 18% in premarket trading. The newly public space infrastructure company released results that met its own projections but failed to provide the outperformance investors had hoped to see.

Coming into the fourth-quarter financial release, Redwire had previously said that its revenue for the full year would come in between $135 million and $140 million. The company did exactly that, with final sales clocking in at $137.6 million, up 237% year over year. Although Redwire lost $61.5 million, it posted positive adjusted pre-tax operating earnings, and total backlogs rose to $271.6 million.

Redwire's accomplishments were notable. It delivered the first roll-out solar arrays for the International Space Station, and it worked with other space companies on the planned Orbital Reef low-Earth orbit space station. Camera and 3D printing equipment also had successes.

However, investors didn't like Redwire's guidance for 2022, which includes sales projections of $165 million to $195 million. That implied revenue gains could slow to as little as 20%, and that would be potentially disastrous for growth investors counting on more from the space disruptor.